IL HB5865

Amends the Illinois Insurance Code to require group and individual accident and health insurance policies issued or renewed on or after January 1, 2025 to reduce a covered individual's cost sharing for prescription drugs by at least 100% of all rebates received from drug manufacturers at the point of sale.

Requires insurers to apply any rebate amounts exceeding the defined cost sharing amount to reduce health plan premiums.

Allows insurers to decrease a covered individual's cost sharing by an amount greater than the rebate amount if they choose to do so.

Authorizes the Department of Insurance to adopt rules to implement these provisions.