Group Eyeballing Lower Health Insurance Costs
Columbia, SC.-based advocacy group South Carolina Small Business Chamber of Commerece (SCSBCC) is setting its thrust to push for legislations that will provide greater consumer input on workers’ compensation rates and affordable health care.
The Union Daily Times reported that the group’s president, Frank Knapp, announced that SCSBCC will support for currently pending bills in South Carolina that will reduce the cost of health insurance policies, and will give the public a better say on setting workers’ compensation rates.
Particularly, Knapp said that their group is supporting Senate Bill 316 as it will eliminate the “most favored nation” clause in health insurance provider contracts. Knapp explained that the said clause will help in bringing down the costs of health care as it will increase competition among insurance carriers. The “most favored nation” deprives health insurance carriers from having better service rates compared to the carrier favored by the provider. According to the SCSBCC website, the said clause “guarantees that only one health insurance carrier gets lower provider compensation rates than all other carriers.”
By passing the Senate Bill 316, the said practice will be outlawed. Knapp stressed that the elimination of the “most favored nation” clause will be beneficial for small businesses and individual consumers as it will reduce health insurance costs.
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