FL H0449

Creates the "Patient Savings Act" requiring health insurers to implement a shared savings incentive program beginning January 1, 2018, providing cash payments to insureds when they obtain shoppable health care services at prices below average.

Mandates insurer websites provide methods for insureds to request and compare contracted amounts and average prices for shoppable services including laboratory, infusion, surgical, obstetrical, diagnostic, therapy, and imaging services.

Requires health insurers to provide good faith cost estimates within 2 working days upon request, including contracted amounts and cost-sharing responsibilities for both in-network and out-of-network providers.

Sets cash payment requirements at a minimum of 50 percent of insurer's saved costs compared to average price, with no payment required when savings are less than $50; out-of-network services at below-average prices treated as in-network for payment calculation purposes.

Establishes annual reporting requirements to the Office of Insurance Regulation by March 1 each year and authorizes administrative penalties up to $5,000 per violation per day, plus authority to revoke insurer certificates for non-compliance; appropriates $50,000 recurring and $25,000 nonrecurring funds for implementation.