In a bid to curb rising medical costs, the California Health Care Affordability Board has approved a 3% annual price increase cap for doctors, hospitals, and healthcare providers in the state, starting in 2029. This cap aims to address the escalating costs of healthcare in California, which have been rising at a rate of 5.4% per year for the past two decades. The cap will be implemented gradually over five years, with a 3.5% increase in 2025. A new state agency, the Office of Health Care Affordability, will be responsible for enforcing the rule, and providers who fail to comply could face fines.