Senator Reverend Warnock Introduces New Legislation to Cap Prescription Drug Costs for Georgia Seniors
Today, Senator Reverend Warnock offered the Capping Drug Costs for Seniors Act, which would create an annual $2,000 out-of-pocket cap on pharmaceuticals beneath Medicare Part D
Additionally, the regulation would shift extra of the fee burden on drug manufactures, lowering govt subsidies and saving taxpayer greenbacks
Senator Reverend Warnock has championed reducing drug prices for seniors, together with introducing regulation to cap the price of insulin at $35 a month, and supporting regulation to permit for Medicare to barter drug costs
Senator Reverend Warnock: “Our country should never allow for our seniors to have to ration or skip the medication they need because they can’t afford it”
ICYMI: Senator Reverend Warnock hears immediately from Georgia seniors on their enjoy paying for pharmaceuticals
Washington, D.C. – Today, Senator Reverend Warnock (D-GA), a member of the U.S. Senate Special Committee on Aging, offered new regulation to cap out-of-pocket prices at $2,000 a 12 months for Georgia seniors on Medicare Part D. The out-of-pocket cap for Medicare Part D individuals is these days set at roughly $3,250. Additionally, the invoice calls for drug manufactures to tackle extra of the fee burden, lowering govt subsidies and saving taxpayer greenbacks. In 2019, over 1.2 million seniors paid over $2,000 in out-of-pocket prices for pharmaceuticals. This will save the ones 1.2 million Americans, together with hundreds of Georgians, round $1,250 in out-of-pocket charge financial savings. Additionally, Senator Warnock is a cosponsor of regulation that may let Medicare immediately negotiate drug costs and believes this regulation is going hand-in-hand together with his out-of-pocket charge cap.
“Our country should never allow for our seniors to have to ration or skip the medication they need because they can’t afford it,” mentioned Senator Reverend Warnock. “That’s why I’m proud to introduce the Capping Drug Costs for Seniors Act to cap seniors’ out-of-pocket prescription drug costs at $2,000 a year. This legislation puts a higher cost burden on greedy drug manufactures, who are making record profits while Georgians are skipping meals and rationing drugs to stay alive. I’m working to get this legislation over the finish line as soon as possible. Georgians can’t wait another day for more affordable drugs, and Congress shouldn’t wait another day to act.”
The Capping Drug Costs for Seniors Act would
- Create an annual $2,000 out-of-pocket restrict on pharmaceuticals beneath Medicare Part D.
- Currently the restrict on affected person out-of-pocket prices is ready $3,250 (general out-of-pocket prices, together with plan contribution and different bills is $7,050). This cap implies that beneficiaries who’ve greater than $2,000 in prescription drug spending will face no further cost-sharing over that quantity – roughly $1,250 in financial savings for lots of people.
- Require producers to pay extra within the catastrophic protection section and decreases govt reinsurance subsidies, saving taxpayer greenbacks.
- This would upload drug producer legal responsibility through requiring them to pay 20% of the legal responsibility for identify emblem medication. The govt would additionally duvet 20%. For generics, the federal government would duvet the total 40%, thus incentivizing producers to provide less expensive generics for Medicare plans.
- Expand the present Medicare protection hole cut price program right into a benefit-wide accountability, thereby expanding incentives for plans to higher arrange drug spending.
- Additionally, producers can be required to pay 10% prices within the preliminary protection section for emblem identify merchandise.
Senator Reverend Warnock is a proud recommend for Georgia’s getting older inhabitants, and has driven to put money into elder care, protect Social Security and Medicare, and give protection to Georgia seniors from COVID-19. The Senator instructed each the White House and Congressional leaders to strengthen sturdy federal investments in house care in order that the just about 8,000 Georgians on ready lists for house care can in the end get the care they want. Senator Warnock voted in opposition to and strongly oppose privatizing or chopping Social Security and Medicare. Additionally, the Senator supported a provision within the American Rescue Plan to supply nursing houses with private protecting apparatus, checking out provides, and strengthen for staffing wishes. Lastly, Senator Warnock championed the American Rescue Plan, which equipped $20 billion to fortify COVID-19 vaccine management and distribution.
The Capping Drug Costs for Seniors Act is the Senate better half invoice to Congressman Horsford’s regulation