1. Short title This Act may be cited as the Cap Insulin Prices Act . 2. Reduction in cost-sharing for covered insulin products under Medicare part D Section 1860D–2(b)(9)(D) of the Social Security Act ( 42 U.S.C. 1395w–102(b)(9)(D) ) is amended— (1) by redesignating clause (ii) as clause (iii); (2) in clause (i)— (A) by striking plan years 2023, 2024, and 2025 and inserting plan year 2023 ; and (B) by striking and after the semicolon at the end; (3) by inserting after clause (i) the following new clause: (ii) during plan years 2024 and 2025, $25; and ; and (4) in clause (iii)(I), as redesignated by paragraph (1) of this section, by striking $35 and inserting $25 . 3. Requirements with respect to cost-sharing for insulin products (a) In general Part D of title XXVII of the Public Health Service Act ( 42 U.S.C. 300gg–111 et seq. ) is amended by adding at the end the following: 2799A–11. Requirements with respect to cost-sharing for certain insulin products (a) In general For plan years beginning on or after January 1, 2024, a group health plan or health insurance issuer offering group or individual health insurance coverage shall provide coverage of selected insulin products, and with respect to such products, shall not— (1) apply any deductible; (2) impose any cost-sharing requirement in excess of the lesser of, per 30-day supply— (A) $25; or (B) the amount equal to 25 percent of the negotiated price of the selected insulin product net of all price concessions received by or on behalf of the plan or coverage, including price concessions received by or on behalf of third-party entities providing services to the plan or coverage, such as pharmacy benefit management services