Colo. Rev. Stat. § 10-16-151

Current through 11/5/2024 election

Section 10-16-151 - Cost sharing in prescription insulin drugs - limits - definition - rules

(1) As used in this section, unless the context otherwise requires, "prescription insulin drug" means a prescription drug, as defined in section 12-280-103(42), that contains insulin and is used to treat diabetes.

(2) A carrier that provides coverage for prescription insulin drugs pursuant to the terms of a health coverage plan the carrier offers shall cap the total amount that a covered person is required to pay for all covered prescription insulin drugs at an amount not to exceed one hundred dollars for the covered person's entire thirty-day supply of insulin, regardless of the amount or type of insulin needed to fill the covered person's prescription or the number of prescriptions.

(3) Nothing in this section prevents a carrier from reducing a covered person's cost sharing by an amount greater than the amount specified in subsection (2) of this section.

(4) The commissioner may use any of the commissioner's enforcement powers to obtain a carrier's compliance with this section.

(5) The commissioner may promulgate rules as necessary to implement and administer this section and to align with federal requirements.

C.R.S. § 10-16-151

Amended by 2021 Ch. 437,§ 2, eff. 9/7/2021.

Added by 2019 Ch. 248,§ 2, eff. 8/2/2019 and applicable to health coverage plans issued or renewed on or after 1/1/2020, or the date of the official declaration of the vote by the governor, whichever is later.

L. 2019: Entire section added, (HB 19-1216), ch. 2419, p. 2419, § 2, effective August 2.

Section 5 of chapter 248 (HB 19-1216), Session Laws of Colorado 2019, provides that the act adding this section applies to health coverage plans issued or renewed on or after January 1, 2020, or the date of the official declaration of the vote by the governor, whichever is later.

For the legislative declaration in HB 19-1216, see section 1 of chapter 248, Session Laws of Colorado 2019. For the legislative declaration in HB 21-1307, see section 1 of chapter 437, Session Laws of Colorado 2021.