The purpose of 50-4-516 through 50-4-518 is:
(1) to provide health care consumers with better information regarding the portion of their health care costs that will be paid by their health insurer and the portion that they will have to pay themselves; and
(2) to introduce elements of competition into the marketplace. When requested by an insured or the insured’s agent a health insurer shall provide a summary of the insured’s coverage for a specific health care service or course of treatment whn an actual charge or estimate of charges by a health care provider, outpatient center for surgical services, clinic, or hospital exceeds $500.