The Lowest Price for Patients Act of 2024 would limit what patients have to pay out-of-pocket for prescription drugs through their health insurance plans. The bill requires that patient cost-sharing for covered drugs, including deductibles, copayments, and coinsurance, cannot exceed the nationwide average consumer purchase price for that drug as measured over the previous year. The bill applies to group health plans offered by employers and to both group and individual health insurance policies sold by insurance companies, and it holds pharmacy benefit managers accountable to the same requirements. The legislation would take effect for plan years beginning after the date of enactment, with no specific funding authorization included in the bill text. This change would affect anyone with employer-sponsored or individual health insurance coverage who purchases prescription medications from in-network pharmacies.
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