New California rule aims to limit health care cost increases to 3% annually

SACRAMENTO, Calif . — Doctors, hospitals and health insurance companies in Calif ornia will be limited to annual price increases of 3% starting in 2029 under a new rule state regulators approved Wednesday in the latest attempt to corral the ever-increasing costs of medical care in the United States.

The vote is just the start of the process. Regulators will later decide how the cost target will be applied across the state’s various health care sectors. And enforcement will be progressive, with several chances for providers to avoid fines. Health providers could exceed the cap if they have a good reason, including giving raises to health care workers. Those issues have yet to be worked out and will be considered on a case by case basis.

“We have a system right now that the incentives are not about getting the most cost efficient service,” said Anthony Wright, executive director of Health Access California who advised the board on the new cost limit. “This is an attempt to try to have that incentive into a market that is more about getting bigger than about getting better.”

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Source: News Formal (newsformal.com)

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