IA SF2047

Caps out-of-pocket costs for prescription insulin at $25 maximum per prescription for up to a 31-day supply, covering rapid-acting, short-acting, intermediate-acting, and long-acting insulin types.

Applies to individual and group health insurance policies, hospital/medical service contracts, health maintenance organization contracts, and public employee health plans delivered or renewed on or after January 1, 2027.

Defines "cost-sharing" broadly to include coverage limits, copayments, coinsurance, deductibles, and other out-of-pocket expenses imposed on covered persons.

Excludes accident-only, specified disease, short-term hospital, dental, vision, Medicare supplement, long-term care, disability income, and workers' compensation insurance from the requirements.

Authorizes the Commissioner of Insurance to adopt administrative rules to implement the insulin cost-sharing cap.