HB 1113 – Relating to Health Insurance Savings Program
On Wednesday, May 1, HB 1113 by Representative Paul Renner (R-Palm Coast) was read a third time on the Senate floor and passed with a vote of 37 yeas and 0 nays.
This bill creates the Patient Savings Act, which allows health insurers to create a voluntary shared savings incentive program to encourage insured individuals to shop for high quality, lower cost health care services. The bill directs health insurers who choose to offer the program to develop a website outlining the range of shoppable health care services available to insureds. This website must provide insureds with an inventory of participating health care providers and an accounting of the shared savings incentives available for each shoppable service. When an insured obtains a shoppable health care service for less than the average price for the service, the bill requires the savings to be shared by the health insurer and the insured. An insured is entitled to a financial incentive that is no less than 25 percent of the savings that accrue to the insurer as a result of the insured’s participation.
HB 1113 will now go to the Governor.
AIF supports legislation that provides high quality healthcare at a lower cost to Floridians and businesses that operate in our state.