U.S. Senator John Cornyn (R-TX) introduced the Patients' Right to Know Act, legislation that would require the disclosure of all new Patient Protection and Affordable Care Act (PPACA) fees and taxes affecting premium costs.
"Despite the promises made by the President when this law was passed, Obamacare is causing health insurance premiums to rise.
"Texans have the right to know just how much this law is costing them, and this bill would bring much needed transparency to the onslaught of higher costs families will be facing."
Background on the Bill
Requires health insurance issuers or sponsors of group health plans, beginning in 2016, to disclose the following:
The annual fee on health insurance issuers;
The Patient Centers Outcome Research Institute tax;
Health insurance exchange user fees;
Risk corridor payments, and;
Risk adjustment charges.
Protects insurance issuers and group health plans from administrative action by the Secretary of Health and Human Services (HHS) or by a state authority if disclosures are made based upon good faith estimates of the information.
Requires the Government Accountability Office (GAO) to conduct a study of methods of calculating the impact on average premium costs associated with other PPACA mandates.
The Secretary of HHS is required to make all information reported by the health insurance issuers, as well as the information included in the GAO report, available to the public through a website.