Six states, including Texas, Oklahoma, South Dakota, Tennessee, Georgia, and Ohio, have implemented their price transparency requirements for payers, in addition to the federal regulations that took effect in July 2022. These state-level measures aim to enhance cost awareness and provide care cost estimates to members upon request, encouraging informed decision-making about healthcare expenses.
Price transparency requirements for payers have been in place at the federal level since July 2022. However, several states have been proactive in enacting their regulations and additional measures, as the National Conference of State Legislatures reported on July 21.
Here are six states that have implemented price transparency laws for insurers:
1. Texas: In 2021, Texas passed legislation that aligns with the federal requirements. Additionally, payers in Texas are obligated to furnish care cost estimates to their members upon request.
2. Oklahoma: This state introduced legislation establishing a “Right to Shop” program, designed to financially incentivize members to opt for low-cost healthcare providers. Participating payers are also required to create a care cost-comparison tool.
3. South Dakota: Following the federal price transparency rule, South Dakota has passed its version of state-level requirements for payers.
4. Tennessee: Tennessee has implemented state-level price transparency measures similar to those at the federal level to enhance payers’ cost awareness.
5. Georgia: Georgia also enacted legislation akin to the federal price transparency requirements, ensuring that payers in the state adhere to these rules.
6. Ohio: Ohio has put state-level price transparency laws for payers in place, mirroring the federal guidelines.
By acting promptly and adopting their price transparency regulations, these states are taking significant steps to improve transparency and promote informed decision-making in healthcare costs.
