Bill > HSB501

This Study Bill mandates that insurance policies, contracts, or plans that cover prescription drugs must limit the out-of-pocket expenses, known as "cost-sharing," for a prescription insulin drug to no more than one hundred dollars for a thirty-day supply, regardless of the specific type or amount of insulin needed. This applies to various types of health insurance, including individual and group accident and sickness insurance, hospital or medical service contracts, health maintenance organization contracts, and plans for public employees, for policies delivered, issued, continued, or renewed in Iowa on or after January 1, 2021. The bill defines "cost-sharing" as any coverage limit, copayment, coinsurance, deductible, or other out-of-pocket expense, and "covered person" as anyone participating in such a plan. Importantly, this provision does not prevent insurers from offering even lower cost-sharing for insulin. However, it excludes certain types of insurance, such as accident-only, dental, vision, Medicare supplement, and workers' compensation. The commissioner of insurance is tasked with creating rules to implement this section.