Today, Congresswoman Stephanie Bice supported the Lower Health Care Premiums for All Americans Act. The bill lowers premium costs through cost-sharing reduction payments. It also expands access to Association Health Plans, allowing small business owners to come together and purchase affordable health coverage for their employees. This bill brings needed transparency to the system, requiring pharmacy benefit managers (PBMs) to provide detailed pricing information on prescription drugs to empower small businesses to negotiate better deals and ultimately lower drug costs. Finally, the legislation protects small businesses from costly regulatory overreach.
Congresswoman Bice issued the following statement:
“The Affordable Care Act is unaffordable, has produced perverse incentives, and was designed as a steppingstone to move the country toward a single-payer health care system controlled by the federal government. This has escalated in recent years, with insurance premiums increasing for every American. These government mandates and regulations have increased costs all the while lining the pockets of big insurance companies, whose profits have skyrocketed by 230%. Put simply, health insurance has become unaffordable and we need solutions.
“The Lower Health Care Premiums for All Americans Act incentivizes workers to sign up for employer sponsored insurance and reduces premiums by expanding risk pools, allowing small businesses to come together to help employees. It is worth noting that in 2017, 196 House Democrats, many of whom are still in office, signed a letter supporting these exact same provisions. So we must ask, what has changed? This legislation seeks to lower costs by bringing much needed transparency to the cost of prescription drugs. It also requires pharmacy benefit managers to provide employers with detailed reporting on prescription drug spending, including rebates.
“The Lower Health Care Premiums for All Americans Act gives Oklahomans a choice. This legislation will lower costs, estimating a reduction in premiums of 11% for ALL Americans, not just those utilizing the temporary Covid-era enhanced subsidies. These solutions are a first step that will help drive down insurance costs, seeking to make health care more affordable.”
