BillTrack50 logo
Free Signup Login
Bill

Bill > A553

NJ A553

NJ A553
Provides that purchase of insulin is not subject to deductible; requires health insurers to limit copayments and coinsurance for insulin; requires insulin manufacturers to submit report to Commissioner of Banking and Insurance.

summary

Introduced
01/11/2022
In Committee
01/11/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

This bill makes certain findings and declarations concerning the rising cost of insulin and requires health benefits plans issued pursuant to the New Jersey Individual Health Coverage and Small Employer Health Benefits Programs, the State Health Benefits Program, and the School Employees' Health Benefits Program, to provide coverage for insulin for the treatment of diabetes. The bill further requires health insurers (health, hospital and medical service corporations, commercial individual and group health insurers, and health maintenance organizations) and health benefits plans issued pursuant to the New Jersey Individual Health Coverage and Small Employer Health Benefits Programs, the State Health Benefits Program, and the School Employees' Health Benefits Program to provide coverage for the purchase of insulin that is not subject to any deductible and to limit the copayment or coinsurance that may be required for an insulin prescription to $50 per 30 day supply of insulin. The bill specifies that nothing in the bill is to prevent the State Health Benefits Commission or the School Employees' Health Benefits Commission from reducing an enrollee's cost-sharing requirement by an amount greater than the amount specified in the bill or from utilizing formulary management, including a mandatory generic policy, to promote the use of lower-cost alternative generic drugs that are the therapeutic equivalent of the brand-name drug. Lastly, the bill requires insulin manufacturers to submit an annual report to the Commissioner of Banking and Insurance containing certain information concerning the manufacture, pricing, and sales of insulin products.

AI Summary

This bill makes several key provisions to address the rising cost of insulin for the treatment of diabetes in New Jersey: 1. It requires health benefits plans to provide coverage for insulin that is not subject to any deductible, and limits the copayment or coinsurance for an insulin prescription to $50 per 30-day supply. 2. It applies these insulin coverage requirements to individual and group health plans, as well as the State Health Benefits Program and the School Employees' Health Benefits Program. 3. It allows the State Health Benefits Commission and School Employees' Health Benefits Commission to further reduce enrollee cost-sharing or utilize formulary management to promote the use of lower-cost generic alternatives. 4. It requires insulin manufacturers to submit annual reports to the Commissioner of Banking and Insurance with information on their insulin products, pricing, sales, and research and development costs. The bill aims to make insulin more affordable and accessible for individuals with diabetes in New Jersey by limiting out-of-pocket costs and increasing transparency around insulin pricing and manufacturing.

Committee Categories

Business and Industry

Sponsors (12)

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/11/2022)
(5 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...