New MN law capping some prescription drug prices goes into effect Jan. 1

New MN law caps some prescription drug prices

A new state law caps the price of specific medications and medical supplies for chronic diseases. The law, which could save families thousands of dollars a year, goes into effect in Minnesota on Jan. 1.

ST. PAUL, Minn. (FOX 9) - A new Minnesota law that caps the price of some life-saving prescription drugs goes into effect on Jan. 1, 2025, which could help some families save thousands of dollars a year.

New Minnesota law goes into effect Jan. 1

What we know: The new law caps copays for life-saving medications for health plans regulated by the state. It limits insulin, asthma inhalers, and EpiPens to just $25 a month, and medical supplies to $50 month.

That includes syringes, insulin pens and pumps, test strips, and more for all health plans regulated by the state.

What you can do: "It's worth checking with your insurer to understand what kind of plan and what kind of coverage you have," said Minnesota Rep. Mike Howard (DFL-Richfield), who was the chief author of the bill.

Who it Impacts: "We'll be saving close to $2,000," said Lija Greenseid.

Greenseid said this is real savings, especially since she spends about $2,500 a year on her daughter's diabetes medications and supplies.

"Next year, I anticipate that we won't spend, we certainly won't spend any more than $600, and we probably will spend even less than that," said Greensied.

New law faced some backlash

The other side: Capping copays and related medical supplies led to backlash from insurance companies. And there’s some concern it could increase monthly premiums.

"They can't charge people more for the medications, but unfortunately, they probably will want to raise premiums because they need to protect their costs," said Greenseid.

Still, state-regulated insurance companies have to abide by the new law starting on Jan 1.

"Insurers were not supportive of passing this bill, but our Legislature had the will to pass this bill, and now insurers, by law, will have to comply," said Howard.