The Lower Costs, More Transparency Act is an NFIB Key Vote
NFIB commends the U.S. House of Representatives for the passage of H.R. 5378, the Lower Costs, More Transparency Act, with 320 lawmakers voting in favor of the measure, making it an overwhelmingly bipartisan victory. NFIB announced the legislation is an NFIB Key Vote for the 118th Congress. This is the second healthcare key vote in this Congress.
This bipartisan package represents an important step towards increasing transparency and competition in our healthcare system and lowering costs for small business owners and their employees. The bill:
- Promotes healthcare price transparency and lowers prescription drug costs for small business owners and patients
- Makes community pharmacists more competitive by exposing potential anticompetitive Pharmacy Benefit Manager (PBM) practices
- Provides employers with more choice and control over their healthcare costs
“Health insurance costs have been a longtime top concern for small business owners nationwide,” said Josselin Castillo, NFIB Manager of Federal Government Relations. “This legislation will promote necessary transparency and competition in the healthcare system, lowering healthcare costs and ultimately benefiting small businesses. NFIB commends members of the U.S. House for supporting this important legislation and promoting healthcare affordability thereby strengthening the small business community.”
The legislation strengthens previous rules requiring hospitals and insurers to release detailed information to the public about the cost of care, treatments, and services. It also empowers employers with information by requiring pharmacy benefit managers (PBMs) to disclose to employers all negotiated rebates, wholesale acquisitions, and discounts associated with a plan sponsor’s prescription drug benefit. It will make PBM activities more transparent and ensure employers have the information they need to make smart choices on behalf of their employees.
Take action: Tell your Senator to support legislation that lowers costs, promotes price transparency, and alleviates administrative burdens for small employers.
Vote Your NFIB Federal Ballot
NFIB has a proven track record of getting results on the issues that matter most to small business owners by challenging existing laws and regulations and speaking out on newly introduced legislation that would impact small business. We have made measurable progress on the issues NFIB members voted on through the One Member, One Vote program.
Voting on NFIB’s current Federal Issues Ballot – ballot #583 – remains open. Members can cast their votes by logging in to their account at NFIB.com/votemyballot.
