H.577 establishes the Vermont Prescription Drug Discount Card Program, which will be administered by the Office of the State Treasurer. The program aims to pool prescription drug purchasing power with other states and organizations to reduce costs for Vermont residents. It allows the State Treasurer to collaborate with various entities to negotiate discounts, centralize purchasing, and establish volume discount contracts. Additionally, funds received by the program will be deposited into the Financial Literacy and Economic Empowerment Trust Fund to cover administrative costs. The bill also mandates that the State Treasurer report annually on the program's activities and savings achieved.

The bill amends existing laws to ensure that amounts paid by individuals for prescriptions, including those using the discount card, are counted towards their health insurance deductibles and out-of-pocket limits. It requires health insurers and pharmacy benefit managers to provide proof of payment forms for individuals who purchase drugs without using their insurance coverage. Furthermore, the bill appropriates $50,000 from the General Fund for the program's development and implementation, with an effective date set for July 1, 2026.

Statutes affected:
As Passed By the House -- Official: 8-4093, 18-3612, 32-111
As Passed By the House -- Unofficial: 8-4093, 18-3612, 32-111