Iowa lawmakers introduced a bill to help patients get cheaper medical care by revealing prices. Senate File 431 would let patients compare cash medical rates and obtain deductible credit for cash payments.
Promoting Informed Healthcare Choices
The bill, Senate File 431, based on model legislation from the Cicero Institute, seeks to drive down healthcare costs by encouraging patients to shop for the best prices among various providers.
This Senate File 431 bill contains the following:
- An Act relating to certain cost controls for healthcare
- services, and including penalties.
- BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA
Policy Director Jonathan Wolfson emphasized the goal of rewarding patients for being price-conscious consumers, citing the positive impact of price-consciousness on market prices.
The proposed regulations would require health providers to publish their cash prices for medical services, enabling patients to make informed decisions about their healthcare options.
Like other proposals, this law will stimulate debate among stakeholders. Insurance lobbyists worry about the bill’s administration and efficacy, but backers see it as a method to decrease healthcare costs.
Due to healthcare’s complexity and uniqueness, patients may not choose the lowest-cost alternative. Despite criticism, the bill has moved and is ready for a vote in the House Health and Human Services Committee, with possible revisions.