FL S0528

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

Requires health insurers to provide websites allowing insureds to request and compare contracted amounts and average prices for shoppable health care services, and to provide good faith cost estimates within 2 working days of request.

Mandates that insured cash payments equal at least 50 percent of the health insurer's saved costs, with payments not required when the insurer's savings are $50 or less.

Requires health insurers to file annual reports to the Office of Insurance Regulation detailing payment numbers, service categories, average payment amounts, total savings, and participation rates.

Establishes penalties including administrative fines up to $2,500 per violation per day, authority to suspend policy issuances for non-compliance, and potential revocation or suspension of the insurer's certificate of authority for at least 6 months.