WASHINGTON (KFOR) – A Congresswoman who represents Oklahoma is pushing Senate leaders to consider a bill that would put a limit on how much American seniors pay for life-saving medication.
In October, 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.
“I have met too many Oklahomans who have to make the choice between putting food on the table and paying for their prescription drugs,” said Congresswoman Horn. “Over the past decade, the cost of prescription medications like insulin has skyrocketed, in many cases increasing by nearly 200 percent. This month’s news that drug companies plan to hike prices again on life-saving drugs that Americans depend on makes one thing clear – Congress cannot put off action on drug prices any longer. When the Senate returns to regular order, I urge Majority Leader Mitch McConnell to move the bipartisan Lower Drug Costs Now Act to the front of the line for immediate consideration.”
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.”
In Oklahoma, there are approximately 355,000 people living with diabetes. Over the past 10 years, the price of insulin has increased by 197 percent.