IL HB4477

Requires health insurance carriers providing prescription drug coverage to ensure at least 50% of individual and group plans within each service area meet specific cost-protection criteria

Plans must offer one or more of the following: pre-deductible flat-dollar copayment structures across all drug tiers, monthly out-of-pocket caps of $150 per prescription drug (30-day supply), or annual out-of-pocket limits tied to IRS self-only coverage minimums

Mandates that qualifying plans be clearly named to aid consumer selection, marketed equally with other carrier plans, and available for purchase by any individual or group plan sponsor

Amends the Managed Care Reform and Patient Rights Act by adding Section 45.3

Effective date of January 1, 2021