ALBANY, N.Y. (WENY) -- Governor Kathy Hochul signed a bill into law today that caps the price of lifesaving Epi-Pens at a more affordable level, allowing New Yorkers to have better access to the much needed medication.

Epi-Pens are vital in the treatment of life-threatening allergic reactions but the price tag of these medications can potentially price people out that need them. However, a new law passed today will serve to cap the costs of Epi-Pens for those that rely on them.

“For people with severe allergies, immediate access to an Epi-Pen device can mean the difference between life and death,” Governor Hochul said. “When every second counts, the last thing New Yorkers should have to worry about is whether they can afford the medication they need to survive an anaphylactic reaction. By signing this bill, we are putting people over profit and giving New Yorkers peace of mind by ensuring equitable access to this lifesaving emergency treatment.”

Health insurers in New York State are now required to cover Epi-Pen costs to the point where consumers will only have to pay $100 out of pocket yearly, significantly reducing the financial strain on those who need them.

Epi-Pen costs have increased far quicker than inflation rates, some reports suggest that prices have rocketed up 600 per cent since 2007. Advocates like Stacey Saiontz, are hopeful that the new law will provide the needed financial relief and peace of mind to the over two million New Yorkers with potentially life threatening allergies.

"There's two million New Yorkers living with food allergies. And I've heard countless stories of New Yorkers who had to choose between paying their mortgage or food for their family or having this life-saving medication. And now they won't have to make that choice. This legislation ensures that everyone has access to this life-saving medication," said Saiontz.

Saiontz is thrilled that the bill has become law. Her son Jared, who is prescribed epinephrine for his own allergies, said that the bill being passed will save more lives and help everyone in the state with their own allergies, "It's going to save so many more people's lives, and people's lives should not be put on the line because they cannot afford this life-saving medicine."