relative to health care cost transparency.

HB 705 requires health plans (including insurers and pharmacy benefit managers) to publish specific cost data in machine-readable files on their public websites. It mandates disclosure of in-network provider rates, out-of-network allowed amounts, billed charges for services, and historical net prices for prescription drugs. The bill defines key terms like "historical net price" (the actual price paid by health plans after rebates) and "machine-readable file" (digital data easily processed by computers). This transparency measure directly affects consumers seeking cost information and providers needing to understand billing structures. Health plans must update these files regularly to meet the new disclosure requirements.