Washington, D.C. — Today, U.S. Senator Bob Casey (D-PA) introduced new legislation extending an important piece of the Inflation Reduction Act’s prescription drug savings to everyone. The Capping Prescription Drug Costs Act would cap individual cost-sharing for prescription drugs at $2,000 annually for both group and Marketplace plans. It would also cap family cost-sharing for prescription drugs at $4,000 annually. The Biden administration’s Inflation Reduction Act is already saving millions of people money on their prescriptions and it will save 19 million seniors an average of $400 annually thanks to the $2,000 cost cap, which begins in 2025.
In response, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“Senator Casey is tackling the issues that matter most to the American people. Lowering health care costs is a top way to address the high cost of living. Americans pay up to four times more for the same drugs as people in other countries, forcing people to cut pills in half or skip doses altogether. The Inflation Reduction Act has been a remarkable step forward to rein in drug companies’ greed, lower drug costs for seniors, and give Medicare the power to negotiate lower prices. These measures are saving seniors thousands of dollars a year. Now it’s time to expand these lifesaving savings to everyone, no matter where they get their insurance which is why Senator Casey’s legislation is so important.”