Iowa Senate Bill SF2062

Iowa 2023-2024 Regular Session

• Introduced: 1/17/24
• Refer: 1/17/24

Caption

A bill for an act relating to insurance coverage for prescription insulin drugs.

Impact

The bill directly affects the insurance policies and contracts that will be delivered, issued, or renewed in Iowa starting January 1, 2025. By placing this cap on out-of-pocket costs for insulin prescriptions, SF2062 aims to improve accessibility to necessary medications for diabetic patients. The scope includes various health insurance plans such as individual or group accident and sickness insurance, but notably excludes specific categories like Medicare supplement plans or accident-only insurance, which means that it will not cover all individuals under health insurance frameworks.

Summary

Senate File 2062 (SF2062) focuses on enhancing insurance coverage for prescription insulin drugs by instituting a cap on cost-sharing for covered individuals. The bill mandates that any third-party payment plan providing health and medical expenses coverage must limit the amount that a covered person pays per prescription to no more than $25 for an up to 31-day supply of various types of insulin. This significant change is aimed at making essential diabetes medications more affordable to individuals managing their condition, thereby ensuring better health outcomes.

Contention

While supportive lawmakers argue that the bill will alleviate financial burdens faced by diabetic patients, potential concerns regarding its implementation and overall economic impact have been raised. Critics might argue that the exclusions of certain policy types could leave some individuals vulnerable if they rely on those types of coverage. Moreover, the balance between ensuring comprehensive coverage while limiting potential financial strain on insurance providers could lead to discussions about future adjustments or related legislative measures.