Lowest Price for Patients Act of 2024

This bill caps patient out-of-pocket costs for prescription drugs under health insurance plans. It prohibits group health plans and insurers from requiring patients to pay more in deductibles, coinsurance, or copays for covered outpatient drugs dispensed at in-network pharmacies than the nationwide average consumer price for that drug (based on Social Security Act data). The law applies to all health insurance plans covered under the Public Health Service Act, ERISA, and Internal Revenue Code, directly affecting insured patients who fill prescriptions at participating pharmacies. The key mechanism ensures patient costs never exceed the national average drug price, using existing federal pricing data without creating new administrative requirements.