Congressman Steven Horsford introduces legislation to cap out-of-pocket prescription drug expenses and put money back in seniors' pockets

Statement

On Friday, October 11, 2019, Congressman Steven Horsford (NV-04) released groundbreaking legislation to create an out-of-pocket prescription drug cap at $2,000, saving American seniors thousands of dollars on life-saving medications. The Capping Drug Costs for Seniors Act will lower prescription drug costs for the 46 million patients who have Medicare Part D.

"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. "I've heard from so many of my constituents that the cost of your prescription drugs are sky-rocketing. And the stories of Nevadans struggling to afford their life-saving medications are not unique to our state. 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."

Joining Congressman Horsford in introducing the legislation is Congresswoman Kendra Horn (OK-05).

"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."

This bipartisan legislation, to be discussed in next week's Ways and Means healthcare hearing, would improve the Medicare Part D prescription drug program for beneficiaries and taxpayers alike. Specifically, the Capping Drug Costs for Seniors Act would:

Creates a $2,000 out-of-pocket limit on prescription drugs under Medicare Part D
Requires health plans to pay more in the catastrophic coverage phase and reduces government reinsurance subsidies.
Expands the current Medicare coverage gap discount program into a benefit-wide responsibility, thereby increasing incentives for plans to better manage drug spending.

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