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Cap Insulin Prices Act

Source: Congress.gov  ·  2,602 words in original text
This bill limits the amount people pay out-of-pocket for insulin medicine. It makes changes to how Medicare Part D (prescription drug coverage for seniors) handles insulin costs and creates new rules for private health insurance plans that cover insulin. ##
People who take insulin and have Medicare Part D coverage People with private health insurance through their job or the individual market Group health plans and health insurance companies ##
* Starting in plan year 2024, health insurance plans must cover selected insulin products (meaning at least one option of each type of insulin available, such as rapid-acting, long-acting, or premixed) without requiring people to pay a deductible (upfront amount before insurance kicks in) (Sec. 3(a), Sec. 3(d), Sec. 3(e)) * For each 30-day supply of selected insulin products, a person cannot be charged more than the lesser of: $25 or 25 percent of the negotiated price after all discounts (Sec. 3(a)) * Insurance plans cannot require prior authorization (advance approval from the insurance company) or step therapy protocols (trying cheaper medicines first) for selected insulin products, unless medically necessary and approved by the Secretary (Sec. 3(a)) * For Medicare Part D in 2024 and 2025, the amount people pay out-of-pocket for insulin is capped at $25 per 30-day supply (Sec. 2) * Any payments people make for insulin count toward their deductible and out-of-pocket maximum limits (Sec. 3(a)) ##
If this becomes law, starting in 2024, people will pay no more than $25 per 30-day supply for certain insulin products under their health insurance or Medicare Part D. Insurance companies cannot deny insulin coverage without a medical reason. Plans do not have to cover insulin types that are not "selected insulin products," meaning they can still manage costs for other options. ##
"Selected insulin products" means at least one type of each different insulin form (such as vials, pumps, or inhalers) and each different type (such as rapid-acting, short-acting, intermediate-acting, long-acting, ultra long-acting, and premixed), when available, chosen by the insurance plan. "Insulin" means any insulin medicine approved by the government and still being sold legally. "Cost-sharing" means the amount patients pay directly, such as copays (fixed amounts per prescription) or coinsurance (a percentage of the cost). ##
Plan years beginning on or after January 1, 2024
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.