Senators Unveil Legislation to Help with Insulin Costs
U.S. Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME) have unveiled bipartisan legislation entitled Improving Needed Safeguards for Users of Lifesaving Insulin Now (INSULIN) Act, which is intended to lower insulin costs. The lawmakers note that insulin is one of the most expensive categories of drugs purchased by private and government health care payers. “Out-of-pocket costs increase with list prices, and for people without insurance, the costs are untenable,” they said in a news release. “Between 2012 and 2016, the average list price of insulin nearly doubled. According to the Health Care Cost Institute, the price of an average 40-day supply of insulin rose from $344 in 2012 to $666 in 2016.”
The legislation, if signed into law, would ensure that group, individual market, Medicare Part D and Medicare Advantage health plans waive any deductible and limit cost-sharing to no more than $35 per month or 25% of the list price.
A one-page brief on the legislation is available here, and a section-by-section summary is available here. Text of the legislation is available here.