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History
- Reported and committed to finance
- Referred to aging
- Reported and committed to finance
- Referred to aging
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Limits cost-sharing responsibilities of participants in the elderly pharmaceutical insurance coverage program
In Assembly Committee · Aging · Sponsor Joan Millman
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the elder law, in relation to limiting the cost-sharing responsibilities of eligible participants in the elderly pharmaceutical insurance coverage program
Purpose of the bill
Caps the out-of-pocket expenses (COPE) of an individual participant in either the Fee Plan or the Deductible Plan of the Elderly Pharmaceutical Insurance Coverage Program (EPIC) at five percent (5%) of annual gross income.
Summary of provisions
Section 247 and 248 of the elder law are amended to add new subdivision 5. Caps out-of-pocket expenses (COPE) at five percent of annual gross income for the Fee Plan of the Elderly Pharmaceutical Insurance Coverage Program (EPIC).
Caps out-of-pocket expenses (COPE) at five percent of annual gross income for the Deductible Plan of the Elderly Pharmaceutical Insurance Coverage Program (EPIC).
Justification
The cost of prescription drugs for senior citizens is a well-documented issue that looms over the political landscape in New York and throughout the country. As drug prices continue to rise, there is an ever-increasing burden on senior incomes. Federal Medicare HMO's continue to dump seniors.
In New York, the Elderly Pharmaceutical Insurance Coverage (EPIC) Plan has picked up some of the burden. EPIC requires that participants pay a variety of premiums, fees, co-pays and deductibles. This currently ranges from 4 to 7 percent of their incomes. COPE ensures that no one will pay more than 5 percent of their income. This will save seniors as much as $170 million. COPE will pick up the cost, pointing to a renewed urgency for Congress to resolve the issue in order to offset the States commitment.
Fiscal implications
NYS costs would be $170 million in the event of no federal support.
Legislative history
This bill has previously been introduced.
Effective date
This act shall take effect on the 120th day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.