WASHINGTON, D.C. - On Friday, Congresswoman Kendra Horn (OK-5) released groundbreaking legislation to create an out-of-pocket prescription drug cap at $2,000, saving Americans thousands of dollars on life-saving medications.
WASHINGTON, D.C. - On Friday, Congresswoman Kendra Horn (OK-5) released groundbreaking legislation to create an out-of-pocket prescription drug cap at $2,000, saving Americans thousands of dollars on life-saving medications.
The Capping Out-of-Pockets Costs for Seniors Act, H.R. 4649, will lower prescription drug costs for the 46 million patients who have Medicare Part D. “The high cost of prescription drugs forces too many seniors to choose between putting food on the table and lifesaving medication. I’ve heard from Oklahomans who are spending thousands of dollars a month on prescription drugs alone. We have to take action to address this crisis,” Congresswoman Horn said. “That’s why I’m proud to lead this effort with my colleague to cap the out-of-pocket cost of prescription drugs for those who rely on Medicare Part D. It’s an important first step toward making medicine more affordable,” she said.
Joining Congresswoman Horn in introducing the legislation is Congressman Steven Horsford (NV-04). “Medicare Part D has helped tens of millions of seniors and individuals with disabilities access life-saving therapies and medications. However, Medicare beneficiaries across the country are facing high out-of-pocket costs for many medications, including insulin, even with Part D coverage,” Congressman Horsford said. “Right now, seniors across the country can pay up to $5,100 on their medications. This cap will save our seniors $3,100, some of which depend on multiple drugs a day.”
This bipartisan legislation, to be discussed in this week’s Ways and Means healthcare hearing, would improve the Medicare Part D prescription drug program for beneficiaries and taxpayers alike. Specifically, H.R. 4649 would create an out-of-pocket maximum on prescription drug costs for Medicare beneficiaries in Part D based on the current catastrophic threshold. This legislation would also right-size and modernize the incentive structure for Part D plans to better manage costs by reducing the government’s share of the catastrophic coverage from 80% to 20% over four years.