The Cancer Drug Parity Act of 2023 requires group health insurance plans to charge patients the same out-of-pocket costs for oral cancer medications that they take at home as for intravenous or injected cancer drugs administered by healthcare providers. The bill applies to employer-sponsored health plans covered under the Employee Retirement Income Security Act and affects cancer patients who rely on oral chemotherapy drugs approved by the Food and Drug Administration. Insurance companies cannot respond to this requirement by raising costs for all cancer medications, reclassifying benefits to increase expenses, or restricting oral medications more than injectable ones, though they may still require prior authorization for treatment approval. The law takes effect for health insurance plans starting January 1, 2024. Additionally, the bill directs the Government Accountability Office to study the law's impact on patient out-of-pocket costs within two years and report findings and recommendations to Congress on how to further reduce financial barriers to cancer medication access.
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