Small Businesses Support Healthcare Price Transparency

October 4, 2023

“Lower Costs, More Transparency Act” could soon be considered in U.S. House

Small Businesses Support Healthcare Price Transparency

For nearly 40 years, NFIB members have identified the cost of health insurance as the number one long-term small business problem. NFIB is planning to issue a U.S. House Key Vote in support of the Lower Costs, More Transparency Act. The Lower Costs, More Transparency Act would take an important step towards promoting transparency and competition in the healthcare system. In a recent NFIB member ballot, more than three-quarters (77%) of small business owners supported requiring insurers to provide price information for healthcare services. When healthcare providers and insurers are required to disclose the costs of their services and treatments, small businesses can make better-informed decisions about which plans and providers to choose. This enables them to negotiate better rates with their insurers and avoid overpaying for healthcare services. In an NFIB health insurance survey, 98% of small employers offering health insurance are concerned that the cost of providing health insurance to their employees will become unsustainable in the next 5-10 years. Increasing transparency and equipping small business owners with detailed information about drug pricing, rebates, and discounts will allow them to make informed decisions, negotiate better deals, and ultimately reduce prescription drug costs for their employees. The legislative package could soon be considered in the U.S. House of Representatives, and we encourage NFIB members to engage by sharing their experiences and challenges with providing health benefits to their employees.

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Topics:

Healthcare

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