Colo. Senate Democrats: Fields, Jaquez Lewis Bill to Improve Health Insurance Transparency Passes Senate

DENVER, Colorado, May 1 -- The Colorado Senate Democrats issued the following news release on April 30, 2024:

Today, the Senate approved Senators Rhonda Fields, D-Aurora, and Sonya Jaquez Lewis', D-Longmont, legislation to enhance transparency in health care coverage.

Currently, insurers are required to disclose and post pricing details and submit prescription drug spending information to the federal government. However, this information is not easily accessible to Coloradans. SB24-080 would ensure transparency for consumers so they can make informed decisions about their health care.

"Coloradans deserve to have easy access to information on health insurance costs," said Fields. "Right now, too many health insurance carriers aren't complying with federal price transparency laws. By addressing the problem at the state level, we can hold these companies accountable and help save Coloradans money on health care."

"I'm proud of our work to make health care coverage more affordable for Coloradans. This bill is the next step forward in that process," Jaquez Lewis said. "Folks would have a digital tool to compare rates, covered items and services, and get real time responses on questions so they can find an option that works best for them and their family."

The bill would require carriers to submit information on their negotiated rates and prescription drug trends to the Division of Insurance (DOI) in an easy-to-read, accessible format. DOI would have the ability to ensure compliance from insurers by creating a consumer price comparison tool that insurers use to input data - so that Coloradans can have easy access to cost sharing information on all items and services.

SB24-080 now heads to the House for further consideration. Follow its progress HERE (https://leg.colorado.gov/bills/sb24-080).

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Original text here: https://www.senatedems.co/newsroom/fields-jaquez-lewis-bill-to-improve-health-insurance-transparency-passes-senate