WASHINGTON (KFOR) – A U.S congresswoman who represents Oklahoma has introduced legislation that would put a limit on how much American seniors pay for life-saving medication.
On Friday, Rep. Kendra Horn introduced House Resolution 4649, also known as the Capping Out-of-Pocket Costs for Seniors Act.
The measure says it will lower prescription drug costs for the 46 million patients who have Medicare Part D by creating an out-of-pocket prescription drug cap of $2,000.
“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.”
The legislation would also modernize the incentive structure for Part D plans by reducing the government’s share of the catastrophic coverage from 80 percent to 20 percent over four years.
“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 Steven 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.”
The measure will now head to the Ways and Means healthcare hearing this week.