Augusta – Yesterday, Republicans on the Legislature’s Insurance and Financial Services Committee endorsed a proposal from Senator Rodney Whittemore (R-Somerset) to require health insurance carriers to provide a shared savings incentive program.
LD 1305, “An Act to Improve Price Transparency, Help Maine Consumers Comparison Shop for Certain Health Care Procedures and Lower Health Care Costs,” contains provisions that aid consumers in making better choices about their own health care.
“I am confident that if we continue to put the interest of patients and consumers first and do our very best to find the near perfect ethical balance between consumers, carriers, and providers, we would be sailing in a direction that lowers the cost of health care, maintains a high level of quality health care, and binds together all the components necessary for a fair and balanced health care system,” said Senator Whittemore.
The bill requires a health insurance carrier to pay an enrollee 40% of the saved cost if an enrollee elects to receive health care services from a provider that cost less than the average cost for a particular admission, procedure, or service unless the savings is $50 or less.
The legislation now moves to the Senate and House for further consideration.