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NY S05299
Bill
Status
5/12/2021
Primary Sponsor
Gustavo Rivera
Click for details
AI Summary
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Requires all prescription drug policies to apply third-party payments, financial assistance, discounts, vouchers, and other price reduction instruments toward an insured individual's deductible, copayment, coinsurance, and out-of-pocket maximum calculations.
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Applies to individual policies under Insurance Law Section 3216, group and blanket policies under Section 3221, and contracts issued by medical expense indemnity, hospital service, and health service corporations under Section 4303.
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Exempts health savings account-qualified high deductible health plans from applying these payments to the deductible until the enrollee satisfies the minimum deductible required under federal law (26 USC 223), except for preventive care services.
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Takes effect January 1 following enactment and applies to all policies and contracts issued, renewed, modified, altered, or amended on or after the effective date.
Legislative Description
Requires any third-party payments, financial assistance, discount, voucher or other price reduction instrument for out-of-pocket expenses made on behalf of an insured individual for the cost of prescription drugs to be applied to the insured's deductible, copayment, coinsurance, out-of-pocket maximum, or any other cost-sharing requirement when calculating such insured individual's overall contribution to any out-of-pocket maximum or any cost-sharing requirement.
Last Action
SUBSTITUTED BY A1741A
5/24/2022