Van Hollen, Warnock Introduce New Bill to Cap Costs of Insulin Nationwide
Today, U.S. Senator Chris Van Hollen (D-Md.) joined Senator Reverend Raphael Warnock (D-Ga.) in introducing new legislation to cap the out-of-pocket cost of insulin for all Americans. The Affordable Insulin Now Act will require Medicare plans and private group or individual plans to cap patients’ out-of-pocket costs for insulin at $35 per month. This will lower costs for insulin users and save money for hardworking Americans—many who are paying exorbitantly from their own pockets for insulin and other diabetic treatments. According to one estimate, diabetics spend close to $6,000 annually on insulin alone. This is all while costs for insulin are going up and manufacturers of the drug are pocketing more revenue from insulin sales than in prior decades.
Under the Affordable Insulin Now Act, private group or individual plans would be required to cover one of each insulin dosage form (vial, pen) and insulin type (rapid-acting, short-acting, intermediate-acting, and long-acting) for no more than $35 per month. Medicare Part D plans, both stand-alone drug plans and Medicare Advantage drug plans, would be required to charge no more than $35 for whichever insulin products they cover in 2023 and 2024, and for all insulin products beginning in 2025.
Senator Warnock’s Affordable Insulin Now Act is cosponsored in addition to Senator Van Hollen by U.S. Senators Chuck Schumer (D-N.Y.), Dick Durbin (D-Ill.), Richard Blumenthal (D-Conn.), Michael Bennet (D-Colo.), Tammy Baldwin (D-Wis.), Cory Booker (D-N.J.), Maggie Hassan (D-N.H.), Mazie Hirono (D-Hawaii), Mark Kelly (D-Ariz.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Chris Murphy (D-Conn.), Debbie Stabenow (D-Mich.), Jack Reed (D-R.I.), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), and Ron Wyden (D-Ore.). The legislation is also endorsed by: Protect Our Care; American Diabetes Association, American Federation of State, County and Municipal Employees (AFSCME); American Federation of Teachers, Community Catalyst, Public Citizen, and Social Security Works.
Read the full bill text HERE.
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