This bill formally establishes the Panel of Health Advisors within the Congressional Budget Office (CBO) to enhance its analytical capabilities regarding health and healthcare issues. The Panel's core mission is to provide technical and functional expertise, offering recommendations to improve the CBO's studies, analyses, and cost estimates related to health policies. This codification aims to ensure a consistent and expert external review process for the CBO's health-related work.

The Panel will comprise 15 members, appointed by leadership from the House and Senate Budget Committees and the CBO Director, serving 3-year staggered terms with a two-term limit. Members must possess national recognition for their expertise in diverse fields, including health finance, actuarial science, life sciences, and healthcare delivery systems. The CBO Director will designate a chair and vice chair, considering recommendations from congressional leadership.

A key duty of the Panel is to meet at least annually and produce an annual report for the House and Senate Budget Committees. This report will detail the Panel's work and recommendations, requiring approval by at least nine members. Importantly, the report must also include a description from the CBO Director explaining how the office utilized and integrated the Panel's advice into its studies and cost estimates, ensuring accountability and transparency.

The Panel's expertise will specifically target several critical areas, including non-economic and economic studies on health issues, official cost estimates for proposed healthcare legislation, and models used to project the impacts of policy changes. It will also advise on the health care components of major CBO publications, such as the annual Budget and Economic Outlook. The CBO Director will publish the annual report on the office's public website, and may establish systems for ethical disclosure and confidentiality agreements for Panel members.