Affordable Insulin Now Act

Affordable Insulin Now Act

This bill limits cost-sharing for insulin under private health insurance.

Specifically, the bill caps cost-sharing under private health insurance for a month's supply of selected insulin products at $35 or 25% of a plan's negotiated price (after any price concessions), whichever is less, beginning in 2024.

The Affordable Insulin Now Act, also known as Bill 118 hr 1488, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to make insulin more affordable and accessible to those who need it.

The bill proposes several measures to achieve this goal. Firstly, it aims to cap the out-of-pocket costs for insulin at $35 per month for those with private insurance. This would help to alleviate the financial burden that many individuals with diabetes face when trying to afford their medication.

Additionally, the bill seeks to increase transparency in the pricing of insulin by requiring manufacturers to justify any price increases. This would help to hold pharmaceutical companies accountable for their pricing practices and prevent them from unfairly raising the cost of insulin. Furthermore, the Affordable Insulin Now Act includes provisions to expand access to affordable insulin for individuals who are uninsured or underinsured. This could include creating a program to provide insulin at a reduced cost or for free to those who qualify based on income level. Overall, the Affordable Insulin Now Act is aimed at addressing the rising cost of insulin and ensuring that individuals with diabetes can afford the medication they need to manage their condition. By capping out-of-pocket costs, increasing transparency in pricing, and expanding access to affordable insulin, this bill has the potential to make a significant impact on the lives of those who rely on this life-saving medication.