The Patients Right to Save Act introduces significant cost control measures for health care services in Iowa, focusing on transparency and affordability. It requires health care providers to disclose their discounted cash prices for specific services, making this information accessible to both insured and uninsured individuals. Providers must post these prices on their websites, update them within ten days of any changes, and review them annually. Additionally, they must inform individuals of their right to pay the discounted cash price before scheduled services and notify them of potential deductible credits. The bill also prohibits contracts that restrict providers from offering or disclosing these discounted prices.

Moreover, the bill mandates health benefit plans to disclose the average allowed amount for covered services, ensuring that individuals who choose discounted cash prices below this average receive credit toward their cost-sharing as if the service was provided by an in-network provider. It includes provisions for prescription drugs, requiring health carriers to provide pricing information to pharmacists and allowing individuals to submit proof of payment for cost-sharing credits. The bill also establishes a savings incentive program for individuals using providers with cash prices below the average allowed amount, with incentives shared equally between the individual and their plan. The Department of Administrative Services is tasked with analyzing the cost-effectiveness of implementing these programs for state employees and retirees, with a report due by September 1, 2026.

Statutes affected:
Introduced: 507B.4