Essay
HF-0348
My Bill is for an act relating to healthcare insurance; limiting cost-sharing for prescription drugs and related medical supplies to treat chronic disease. I believe this bill should be passed because it makes essential medications more affordable for people who need them long-term. This bill can help Minnesotans improve their health outcomes and reduce the financial burden on patients.
This bill would also help prevent the insurance and medical complications that might arise from not taking the necessary medication.Reducing cost sharing can actually help lower overall healthcare costs in the long run. When people can afford their medications, they're more likely to take them as prescribed, which can prevent such complications and reduce the need for expensive emergency care or hospitalizations. So, it's like investing a bit upfront to save a lot more down the line.
What cost-sharing in healthcare has a plan to do is manage the costs and make people more mindful of their healthcare choices. It encourages patients to only use services they really need, which for Minnesotans can discourage patients from getting the care that they desperately need. In 2020, patients in the US spent nearly $389 billion on out-of-pocket medical expenses, including nearly $45 billion on prescription drugs.
What my bill will do is cap the cost of prescribed drugs and medication prescribed to treat a chronic disease to no more than $25 per one-month supply for each prescription drug regardless of the amount or type of medication required to fill the prescription and to no more than $50 per month in total for all related medical supplies. The cost-sharing limit for related medical supplies does not
increase with the number of chronic diseases for which an enrollee is treated.