Senate Republican Leader Tom Kean’s legislation to limit out-of-pocket prescription costs has been signed into law.
Senate Republican Leader Tom Kean’s legislation to limit out-of-pocket prescription costs has been signed into law. (Wikimedia Commons)
“The treatment costs for patients battling cancer and other chronic diseases adds up, often placing a heavy financial burden on families and loved ones,” said Kean (R-21). “Lifesaving prescriptions can cost thousands of dollars a month or more. Many other states have succeeded in limiting exorbitant fees for critical prescriptions. This new law will make prescription co-payments more affordable, helping patients avoid financial distress during an already turbulent time.”
Kean’s law, A-2431/S-1865, will require health insurers to limit out-of-pocket costs to $200 per prescription under the Affordable Care Act’s Bronze Level Plan, and $100 per prescription for all other insured plans.