Sen. Baldacci introduces bill to reduce out-of-pocket prescription drug expenses

AUGUSTA — On Tuesday, March 7, Sen. Joe Baldacci, D-Bangor, introduced LD 759, “An Act to Reduce Out-of-pocket Prescription Drug Expenses for Coinsurance,” to the Joint Standing Committee on Health Coverage, Insurance and Financial Services.

“Health care costs remain a worry for nearly every one of our constituents and for families all across Maine,” said Sen. Baldacci. “We all know the problem and we all know there are no simple solutions. But, step by step we can make real progress and I believe this bill is one small step in the right direction.”

This bill reduces the maximum out-of-pocket limit for prescription drugs subject to coinsurance from $3,500 to $1,500 per year. Sen. Baldacci also introduced an amendment to the bill that caps out-of-pocket expenses for medicine for insured patients at the IRS minimum deductible, which is currently $1,500. For the more than 350,000 Mainers covered by state-regulated insurance plans, that out of pocket expense would be $1,500 for an individual and $3,000 for a family in 2023.

The bill faces further action in committee.