Health benefits
brokers would be subject to disclosure requirements as part of a sweeping
health care bill introduced last week in the U.S. Senate.
The Lower Health Care Costs Act was
introduced by Sen. Lamar Alexander, R-Tenn., and Sen. Patty Murray, D-Wash. The
bill takes aim at a number of issues, including surprise medical bills, high
drug prices and public health problems.
The bill also would
create more transparency around pharmacy benefit managers to ensure they are
passing along discounts on drugs to customers.
In addition, the
bill would prevent certain anti-competitive clauses in contracts between
medical providers and insurance companies that can drive prices up.
The package
contains nearly three dozen specific provisions that Alexander said will reduce
the cost of what Americans pay for health care. However, the bill does not
address controversial issues such as Affordable Care Act repeal, Medicare for
All and abortion funding.
But buried in the
bill is a requirement that health benefits brokers reveal fees and other
enticements they receive from the insurance industry.
This section of the
bill proposes revising the Employee Retirement Income Security Act, which sets
minimum standards for most private health and retirement plans. Brokers would
have to disclose compensation or incentives from insurers and other vendors, in
writing, at the time an employer signs up for benefits. Health insurers also
would have to disclose information on broker compensation or incentives to
consumers who sign up for coverage on the individual market.
Alexander said he
hopes the bill will see committee action in June and a Senate vote in July.
Susan Rupe is
managing editor for InsuranceNewsNet. She formerly served as communications
director for an insurance agents' association and was an award-winning
newspaper reporter and editor. Contact her at Susan.Rupe@innfeedback.com. Follow her
on Twitter @INNsusan.
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