Mississippi Senate Bill SB2031

Mississippi 2022 Regular Session

• Introduced: 1/6/22
• Refer: 1/6/22
• Failed: 2/1/22

Caption

Health insurance carriers; require to cap patient cost for prescriptions for insulin drugs.

Impact

The bill reflects a broader trend toward enhancing consumer protections and combating the high costs associated with essential medications. By mandating that insurance carriers implement a cap on insulin costs, the law is set to improve access to necessary treatment for many individuals. This change may also prompt insurance providers to reassess their pricing structures and cost-sharing mechanisms, potentially leading to further reforms in prescription drug pricing.

Summary

Senate Bill 2031 amends the Mississippi Code to create a new section that requires health insurance carriers to cap the out-of-pocket cost for insulin drugs at $100 per thirty-day supply. This initiative aims to make insulin more affordable for residents suffering from diabetes, regardless of the type or amount needed. The legislation strives to address the escalating costs of prescription medications, especially insulin, which can pose significant financial burdens on diabetic patients.

Contention

While the bill has garnered support for its consumer-focused approach, concerns have been raised regarding its implementation and the sustainability of capping prices. Critics argue that imposing such caps could lead to increased premiums or reduced access to other types of medications. Additionally, the bill instructs the Attorney General to conduct an investigation into insulin pricing practices, raising questions about the potential ramifications for local pharmacies and manufacturers operating within the state.