Price is the first member of Congress from North Carolina to announce that he will back the legislation.
"I am announcing my intention to vote for this bill," Price said.
The Representative's endorsement comes as Congress tries to deliver a comprehensive health insurance reform package to the President Barack Obama's desk.
Rep. Price believes health insurance reform is an essential investment both in the American people and in our nation's long-term fiscal and economic well-being.
Two other Congressmen, Larry Kissell and Mike McIntyre, have said they will not support the bill.
Last week, proponents and opponents of the proposed legislation held a rally in Raleigh in front of Democratic Representative Bob Ethridge's office.
Opponents have also put out a television ad featuring a cancer survivor implying she may not have survived if the bill had already passed.
The ad targets Ethridge, who many conservatives feel is vulnerable on health care.
"Congressman Ethridge is getting some heat and I believe he should, because I believe a vote for this bill is a vote against his constituents," said Dallas Woodhouse, Americans for Prosperity's state executive director.
Meanwhile, Congressman Price says he expects a vote on health care in the next two weeks.