Washington, DC – Representative Mikie Sherrill (NJ-11) voted to cap the out-of-pocket cost of insulin for people in New Jersey and across the United States. The Affordable Insulin Now Actrequires Medicare plans and private group or individual plans to cap patients' out-of-pocket costs for insulin at $35 per month. Lowering the price of prescriptions drugs is one of Rep. Sherrill's top legislative priorities.
Over 620,000 New Jerseyans live with diabetes – approximately 9 percent of New Jersey's population. For many, the monthly insulin costs can range between $200 and $600. For this reason, 1 in 4 diabetic patients underuse or even skip insulin doses due to exorbitant costs.
"It is unacceptable that the soaring cost of insulin forces hard-working New Jerseyans to make the difficult choice between filling a prescription for insulin and putting food on the table. No New Jerseyan should have to drive to Canada - as my constituents report doing - to get affordable insulin," said Rep. Sherrill. "A monthly insulin cap of $35 will improve access to this life-preserving medication for millions of people. I've been a strong advocate for strengthening access to affordable health care, and that's why I am proud to vote for a cap on patients' out-of-pocket costs for insulin and make life more affordable for New Jersey families."
The Affordable Insulin Now Act requires private health plans to cover at least one of each type and dosage form of insulin and caps cost-sharing for a 30-day supply at the lesser of $35 or 25 percent of a plan's negotiated price. It also requires all Medicare prescription drug plans to cap cost-sharing for insulin at no more than $35.
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