An Act relative to patient financial protection

This bill requires all health insurance plans sold or renewed in Massachusetts to set a separate annual limit on out-of-pocket costs for prescription drugs, including specialty medications. The maximum amount a patient can pay for these drugs in a year will be capped at the federal minimum deductible for high-deductible health plans, ensuring costs do not exceed that threshold. The law applies to various types of coverage, including standard policies, hospital service plans, medical service agreements, and health maintenance organizations. These new limits take effect for any insurance plan delivered, issued, or renewed on or after January 1, 2023.