DENVER – Governor Jared Polis has signed a new law capping the out of pocket costs for prescription insulin drugs to $100 for a one-month supply.
The law requires an insurance carrier to keep that price cap no matter how much or what type of insulin a patient requires to control their diabetes.
The average out-of-pocket costs for a one-month supply of insulin ranges between $600-$900.. As part of this law, the Colorado Attorney General’s Office is directed to investigate all facets of health care related to diabetes care to “ensure adequate consumer price protections” with a long-term goal of finding solutions to be considered by the Colorado General Assembly.
According to analysis by the Legislative Council Staff, roughly 300,000 people in Colorado have a Type 1 or Type 2 diabetes diagnosis. Of that number, about 45,000 are insulin dependent.
“For Coloradans living with Type 1 Diabetes, insulin is essential to their survival – it is the same as oxygen. The skyrocketing cost of insulin is outrageous and it is literally putting people’s lives at risk,” said Rep. Roberts, D-Avon. “With this new law, Coloradans will no longer be forced to choose between this life-saving and life-sustaining drug and their other expenses.”