It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
TRENTON, N.J., Jan. 17 -- The New Jersey Senate Democrats issued the following news release:
Legislation sponsored by Senate Majority Leader Loretta Weinberg and Senator Nia H. Gill that requires all health insurers in New Jersey to cover orally-administered cancer medications under similar terms and conditions used in the coverage of intravenous or injected cancer drugs was signed into law.
"Medical research over the past decade has provided cancer patients with alternatives to the traditional intravenous and injected cancer drugs. New, orally-administered drugs have shown to cause fewer or reduced side effects typically associated with cancer medications," said Senator Weinberg (D-Bergen). "It is imperative that we update our laws to stay current with advances in medical research and treatments to ensure that these drugs are covered equally and as affordably as other cancer treatment options to provide relief to cancer patients throughout New Jersey."
The law (S-1834) requires health insurers to provide insurance coverage for prescribed, orally-administered cancer medications on a basis which is no less favorable than the policy or contract provides for injected anticancer medications. Under the law, insurers are prohibited from subjecting the coverage of oral cancer medication to any prior authorization stipulations, dollar limits, copayments, deductibles or coinsurance standards that do not apply to intravenously-administered or injected cancer drugs. The law also prohibits insurers from imposing new barriers on injected anticancer drugs in order to comply with the provisions of this bill.
"For people suffering from cancer, sometimes the prescribed course of treatment can be just as painful as the disease. Fortunately, medical research is developing better cancer treatments that limit the harsh side effects that are traditionally associated with chemotherapy and radiation therapy," said Senator Gill (D-Essex and Passaic), Chairwoman of the Commerce Committee. "Now we must update the law so that these new drugs are covered by insurance companies under terms similar to the intravenous cancer drugs, so that the patient and doctor can determine which course of treatment is best for them based on medicine rather than on the cost of the drugs."
The bill passed the General Assembly by a vote of 68-2-5 and the Senate with a vote of 37-2.
TNS MJ88-120118-3744415 StaffFurigay