H.B. 450 Summary

• Requires the superintendent of insurance to conduct an actuarial study on costs of all state-mandated health insurance benefits, calculated in actual dollars and as a percentage of premiums, updated every five years starting by April 6, 2017.

• Mandates the superintendent submit an annual report summarizing all mandated benefits in the Revised Code to legislative leadership, beginning within one year of the bill's effective date.

• Requires insurance carriers to identify all mandated benefits on premium invoices and include notices informing consumers that these mandates may increase premiums, with a directive to contact state legislators if concerned.

• Establishes a seven-member health care mandated benefits review committee of evidence-based medicine experts to review existing mandates for ongoing clinical efficacy and recommend to the General Assembly whether each should remain or be repealed, with initial report due within two years and subsequent reports every seven years.

• Imposes restrictions on new mandated benefits: requires medical cost inflation not to exceed overall inflation, completion of an insurance department report, evidence that at least five other states have enacted similar benefits without increasing premiums, and applicability to public employee plans, Medicaid, and other state-funded health plans.