Lower Costs, More Transparency Act

Floor Speech

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Mr. SCOTT of Virginia. Mr. Speaker, one of the reasons health care costs are so high is that consumers and employers often do not have enough information about what they are paying for.

This makes it hard for patients to find affordable, high-quality health care providers. And it prevents employers from spending workers' premium dollars carefully. It also hinders competition, which keeps health care costs in check. And finally, it limits our ability as policymakers to improve the health care system.

Americans deserve to know what they are being asked to pay. The Lower Costs, More Transparency Act helps ensure health care costs are driven by those who provide the highest quality services, not those with the most market power.

This bill includes several bipartisan priorities for our Committee Members, and I thank my colleagues on both sides of the aisle for working together on this package.

I am especially pleased that it strengthens oversight of the direct and indirect compensation earned by health plan service providers. This includes not only pharmacy benefit managers but also--critically-- insurance companies serving as third-party administrators for self- funded plans.

I was also pleased to work with my colleagues to ensure strong privacy protections for workers.

Finally, I appreciate my colleagues' bipartisan commitment to incorporating technical corrections to ensure that the reporting requirements for pharmacy benefit managers apply fully to multiemployer plans, state and local government plans, and retiree-only plans-- consistent with the intent of the legislation.

Moving forward, we must continue to promote transparency and competition and take direct action to lower health care costs for workers and their families.

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