The House of Representatives has passed a landmark bipartisan legislation aimed at lowering the cost of health care and increasing price transparency for patients. The bill, known as the Lower Costs, More Transparency Act, was led by House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA), Ranking Member Frank Pallone, Jr. (D-NJ), House Ways and Means Committee Chair Jason Smith (R-MO), and House Education and the Workforce Committee Chair Virginia Foxx (R-NC).
Chair Rodgers emphasized the importance of the bill in lowering health care costs and providing increased transparency for patients, something that 95 percent of Americans support. She thanked her colleagues for their hard work and urged the Senate to consider the bill without delay.
Ranking Member Pallone hailed the bill as a victory for those who have struggled to navigate the cost of health care. He emphasized that the bill will bring much-needed transparency to the complex health care system and make health care more accessible to American families.
Chair Smith highlighted the struggles faced by millions of American families in affording the cost of health care. He noted that the current system has left too many Americans at the mercy of nontransparent pricing. The Lower Costs, More Transparency Act aims to empower patients by requiring health care providers to publicly disclose their prices, creating incentives to lower prices across the board.
Chair Foxx emphasized that the bill is all about empowering patients and their families. She praised the bill for building on the success of the Trump administration's price transparency rules and making health care more navigable for every patient.
The Lower Costs, More Transparency Act includes several provisions to help patients. It increases price transparency throughout the health care system, empowering patients and employers to make informed health care decisions. It also requires hospitals, insurance companies, labs, imaging providers, and ambulatory surgical centers to publicly list the prices they charge patients. In addition, it lowers costs for patients and employers by requiring health insurers and pharmacy benefit managers to disclose negotiated drug rebates and discounts, revealing the true costs of prescription drugs.
The bill also addresses the cost of prescription drugs by lowering out-of-pocket costs for seniors, expanding access to more affordable generic drugs, and equipping employer health plans with the drug price information they need to get the best deal for their employees.
Furthermore, the bill supports patients, health care workers, community health centers, and hospitals. It fully pays for expiring programs that strengthen the health care system, including support for community health centers, training programs for new doctors, and preserving Medicaid for hospitals that take care of uninsured and low-income patients. The bill also extends funding for research to find better treatments and a cure for diabetes.
The Lower Costs, More Transparency Act is a comprehensive piece of legislation that combines portions of several bills sponsored by various members of Congress. It addresses key issues in the health care system and aims to provide relief to American patients.
Overall, the passage of the Lower Costs, More Transparency Act in the House of Representatives marks a significant step towards lowering health care costs and increasing transparency for patients. The bill has received bipartisan support and is now awaiting consideration in the Senate.
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