WASHINGTON, D.C. — U.S. Senators Bob Casey (D-PA) and Reverend Raphael Warnock (D-GA) have introduced the Capping Prescription Costs Act, aiming to reduce prescription drug expenses for millions of Americans. The bill proposes annual caps on out-of-pocket costs for prescription medications: $2,000 for individuals and $4,000 for families.
Building on Previous Success
Chairman Casey, who leads the Senate Special Committee on Aging, stated that the bill builds on the success of the Inflation Reduction Act. That act capped prescription drug costs for Medicare Part D beneficiaries. Now, Casey’s new bill seeks to extend these savings to those with private insurance.
“Prescription drug costs are like a bag of rocks tied around the necks of millions of Americans,” Casey said. “My new bill will place a cap on out-of-pocket prescription drug costs for Americans with private insurance, lightening the load that has been weighing down Americans for far too long.”
Addressing the Financial Strain
Senator Warnock echoed Casey’s sentiments, emphasizing the need for affordable health care. “Struggling families shouldn’t have to skip refills, ration prescriptions, and risk their health just to afford the medications they need to survive,” Warnock said. He stressed that in a wealthy nation like the United States, such financial strain should not exist.
Widespread Impact
Statistics show that over 60 percent of American adults take at least one prescription drug, and 25 percent take four or more. Despite this, Americans often pay more for the same medications than people in other countries. High costs lead many patients to skip doses, cut pills in half, or use over-the-counter alternatives instead of their prescriptions. A study found that 31 percent of patients did not take their medications as prescribed due to cost concerns.
Extending Cost Caps
The proposed bill would extend the current out-of-pocket cost caps to the commercial health care market. This change would impact the 173 million Americans who have private health insurance, providing much-needed financial relief.
The Capping Prescription Costs Act aims to alleviate the financial burden of high drug prices and ensure that Americans can afford their necessary medications. By placing caps on out-of-pocket expenses, the bill seeks to promote healthier, more independent lives for millions across the country.
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