S. 5000-B gives the New York State Insurance Department the authority to deny requests from insurance companies to create specialty drug pricing tiers, also known as Tier IV drug pricing. These types of tiers have been used by insurance companies in other states to require patients to pay higher co-payments and co-insurance based on the costs of the drug or the condition it is prescribed for. New York State has become the first state to pass a bill banning cost sharing deductibles and co-pay practices. Congrats and thank you to all the New York advocates, your hard work paid off!
For the press release on Governor Paterson’s recent bill signings click here.
For more information on S. 5000-B go the New York State Assembly website here.