This bill establishes new regulations regarding insurance coverage for prescription insulin drugs in Iowa. It mandates that any policy, contract, or plan providing for third-party payment or prepayment of health or medical expenses must cap the cost-sharing amount for prescription insulin drugs at no more than $25 for a 31-day supply of at least one type of rapid-acting, short-acting, intermediate-acting, or long-acting insulin. The bill defines "prescription insulin drug" as any insulin-containing drug prescribed as medically necessary for diabetes treatment and covered by the individual's insurance plan. Additionally, it outlines the definition of cost-sharing, which includes any out-of-pocket expenses imposed on the covered person.

The provisions of this bill will apply to various types of third-party payment provider contracts, policies, or plans that are delivered, issued for delivery, continued, or renewed in Iowa on or after January 1, 2026. However, it explicitly excludes certain types of insurance, such as accident-only, specified disease, and dental or vision coverage, from these requirements. The bill also grants the commissioner of insurance the authority to adopt rules for its administration.