New York State residents are facing some of the highest health care and prescription drug costs in the country, with annual health insurance premiums far higher than the rest of the country and the gap widening, according to Bill Hammond, a health policy researcher at the Empire Center.
In an effort to address the issue, New York lawmakers have taken steps this week to expand transparency for drug pricing before costs increase and to cap insulin at $30 a month. However, Hammond points to a combination of measures that have contributed to making health care more expensive, including taxes on insurance and regulations.
Senate Health Committee Chairman Gustavo Rivera supports the measure capping monthly insulin costs at $30, down from $100, stating, “This will go a long way towards making sure those people can both be healthy and keep some money in their pockets.”
Price pressures not only affect patients but also employers who provide health insurance coverage.
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