Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB912

Introduced
2/6/23  

Caption

Oklahoma Right to Shop Act; defining term; updating statutory references and conforming language. Effective date.

Impact

The proposed changes to the Oklahoma Right to Shop Act will facilitate a framework in which insurance carriers can encourage cost-conscious behavior among their enrollees. By providing incentives, such as cash payments or credits towards deductibles, the bill aims to shift the emphasis from simply seeking necessary medical care to making more economically sound decisions regarding healthcare procurement. As a result, this could reduce the overall healthcare expenditures in the state by leveraging the market to drive down prices through competition.

Summary

Senate Bill 912 seeks to amend the Oklahoma Right to Shop Act by redefining certain terms and updating statutory references to enhance the shared savings incentive program. This legislation aims to incentivize enrollees to select healthcare services that are cost-effective. The bill allows insurance carriers to offer financial incentives to members who choose lower-cost providers for comparable non-emergency healthcare services, which can lead to significant cost reductions for both patients and insurers over time.

Contention

While the bill is primarily framed as a positive initiative to promote sensible economic behavior in healthcare spending, potential contention arises from the implications of utilizing shared savings programs. Opponents may argue that such programs could inadvertently penalize patients who require more expensive care or those in need of specialized services. Moreover, there are concerns regarding the administrative burden on insurance carriers to maintain rigorous oversight over the shared savings programs and to ensure compliance with state regulations. This may lead to a debate about the balance between incentivizing consumer choice and safeguarding access to necessary healthcare services.

Companion Bills

No companion bills found.

Previously Filed As

OK SB912

Oklahoma Right to Shop Act; defining term; updating statutory references and conforming language. Effective date.

OK SB785

Oklahoma Banking Code; defining terms; updating statutory language. Effective date.

OK SB1240

Insurance; updating to statutory requirement; updating statutory reference; conforming language. Effective date.

OK HB1119

Oklahoma Right to Shop Act; definitions; shared savings incentive program and insurance carrier obligations; effective date.

OK HB1522

Insurance; changing name of Right to Shop Act to Consumer Health Choice Empowerment Act; definitions; savings incentive programs; effective date.

OK SB462

Insurance; creating the Oklahoma Right to Shop Act; authorizing insurance carriers to create certain incentive programs. Effective date.

OK HB2108

State government; Oklahoma Employee Insurance and Benefits Act; statutory references; effective date.

OK HB4098

Insurance; health benefit plans; Oklahoma Right to Shop and Transparency Act of 2022; enrollees; providers; health care services; Insurance Commissioner; effective date.

OK SB1529

Municipalities; updating statutory language in the Oklahoma Municipal Power Authority Act. Effective date.

OK SB542

Insurance Department; modifying requirements administered by the Department; updating statutory reference; conforming language. Effective date.

Similar Bills

No similar bills found.