The U.S. House of Representatives passed legislation on March 31 that will limit the monthly cost of insulin to $35, a move that is …
The U.S. House of Representatives passed legislation on March 31 that will limit the monthly cost of insulin to $35, a move that is claimed to be for the benefit of millions of Americans who depend on the drug. HR 6833 or the Affordable Insulin Now Act was sponsored by Rep. Angie Craig (D-Minn.). It was passed by the House largely along party lines by a vote of 232–193, with only a few Republicans supporting it. “The bill caps cost-sharing under the Medicare prescription drug benefit for insulin products at (1) $35 in 2023 regardless of whether a beneficiary has reached the annual out-of-pocket spending threshold, and (2) $35 beginning in 2024 for those who have not yet reached this threshold,” from the bill’s summary. An annual out-of-pocket spending threshold refers to the maximum amount an individual has to pay for covered healthcare services in a plan year. For the 2022 plan year, the out-of-pocket spending limit is set at $8,700 per individual and $17,400 for a family. After spending this amount on deductibles, copayments, and coinsurance for in-network care and services, a person’s health plan will pay 100 percent of the costs of the covered benefit.
