NY S01350

Amends insurance law requirements for prescription drug coverage to apply third-party payments, financial assistance, discounts, vouchers, or price reduction instruments toward deductibles, copayments, coinsurance, and out-of-pocket maximums.

Limits the requirement to apply only to three categories of prescription drugs: (A) brand-name drugs without an AB-rated generic equivalent; (B) brand-name drugs with an AB-rated generic equivalent when the insured has access through prior authorization or insurer appeal process; or (C) generic drugs the insurer will cover.

Makes the same requirements applicable to individual policies (Insurance Law § 3216), group and blanket policies (Insurance Law § 3221), and contracts issued by medical expense indemnity corporations and health service corporations (Insurance Law § 4303).

Delays the effective date of prior 2022 legislation from January to July of the year following enactment, applying to all policies and contracts issued, renewed, modified, altered or amended on or after that date.