Should your health insurance bill look like your phone bill?

You know all those taxes and fees that are listed out at the end of your phone bill? A member of the House of Representatives believes that when it comes to taxes and fees resulting from health reform, a health insurance premium bill should look like that too. This week, Representative Greg Walden (R-OR) introduced legislation titled A Patient's Right to Know that would require insurers to inform the public about the extra costs health reform will add to their bills in the years ahead.  

The bill proposed by Walden will require insurance companies to itemize the cost of PPACA on their customer’s annual coverage summary and premium statements, including the new annual premium tax on health insurers, fees to fund the Patient-Centered Outcome Research Institute (PCORI), reinsurance contributions and proposed fees on insurance exchange users, risk corridor payments and risk-adjustment charges. The bill also calls for a review by the Government Accountability Office (GAO) to examine the impact of the law’s guaranteed issue and community rating, age rating, women’s preventive services and essential health benefits. 

While it is highly unlikely that the Walden bill will ever be signed by President Obama, we believe that similar laws could become a trend among states. In Georgia, lawmakers are currently working toward informing more Americans how much this law is really going to cost them. Georgia Senate Bill 236 would require health insurance companies doing business in the state to show how much PPACA is costing all consumers on every premium statement. The bill also requires that those who get their benefits from the state’s health benefit program receive the same information. The bill passed the Georgia Senate last week 36-17 and is currently working its way through the Georgia House Committee process. Senator Burt Jones (R-Jackson), who sponsored the bill, is obviously pleased with the outcome and has said, “It is good for us to be transparent with the consumers of Georgia and show exactly what this legislation coming down is going to do to our insurance premiums.” 

Source: NAHU Washington Update