"SB 368 provides Californians with accurate and timely information regarding the costs of their health care needs," said
Most consumers with health coverage still have to pay out-of-pocket for care through co-payments and deductible. The Affordable Care Act placed an cap on annual out-of-pocket spending, a huge relief for many patients who faced high-cost medical needs and were often forced into bankruptcy to cover medical bills. These Californians need timely and updates information for when the cap is reached, in order to make financial planning decisions for themselves and their family, and better manage their conditions. Similarly, the increasing number of
"Patients already experiencing significant health needs should have access to the same up-to-date deductible information health plans have available. This new law will shift the burden for tracking these accruals from people to the health plans," said
Tracking health care spending for some can be significant, given the size of the cost-sharing these days. Many deductibles are over
Despite the significant financial impact of deductibles and maximum out-of-pocket limits, consumers have often been left with little help from insurance plans in tracking their accrual towards these amounts -- even while their health plans have ready access to this information. Underserved communities particularly suffer from this lack of transparency and face additional challenges, such as language barriers and health and financial literacy, that make keeping track of their payments even more difficult. With this signature, this new law will help Californians by providing this practical, timely, and important information.