SACRAMENTO, Calif. — Doctors, hospitals and health insurance companies in California 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.
A new state agency, the Office of Health Care Affordability, will gather data to enforce the rule. Providers who don’t comply could face fines. California’s health care industry has supported the idea of a statewide cost target but argued a 3% cap is too low and will be nearly impossible to meet. In December, the Center for Medicare and Medicaid Services said the cost to practice medicine in the United States would increase 4.6% this year alone.
More than half of California’s 425 hospitals are losing money, and many rural facilities are in danger of closing — prompting the state Legislature last year to approve an emergency loan program. California has greatly expanded access to health insurance in recent years, including using taxpayer money to provide deep discounts for some middle-income earners and offering free coverage to all low-income adults regardless of their immigration status. State lawmakers have resisted more ambitious actions, including a single-payer system.
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