Two U.S. senators have called for President Joe Biden’s administration to bring better information to seniors on how they may benefit from the impending cap on out-of-pocket prescription drug costs.
In an October 3 letter to the Department of Health and Human Services, Sens. Raphael Warnock and (D-GA) and Bob Casey (D-PA) noted that in January 2025 a $2,000 cap on out-of-pocket drug costs for Medicare Part D beneficiaries will go into effect and seek to reduce drug costs for nearly 19 million Americans nationwide.
“The new cap will allow nearly 19 million Medicare beneficiaries to reduce their spending on prescription drugs. We must do more to ensure that older adults understand these new options and benefits. A lack of information and communication could leave older adults paying more and missing out on benefits to which they are entitled,” the senators wrote.
Warnock and Casey have been involved previous efforts in the Senate to lower prescription drug costs. In 2022, the senators urged the passage of the Inflation Reduction Act, which put in place the $2,000 cap on out-of-pocket prescription drug costs for Medicare Part D beneficiaries.
The law also capped the cost of insulin at $35 a month for Medicare recipients and gave the program’s recipients the ability to negotiate prescription drug prices.
These negotiations began last year on a list of ten drugs: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp.
Warnock and Casey also recently introduced the Capping Prescription Costs Act, which aims to cap annual out-of-pocket prescription drug costs at $2,000 for individuals and $4,000 for families with private insurance.
“The IRA directly lowers prescription drug costs for millions of Americans, and we must do everything we can provide older adults with the resources to understand these benefits,” the senators said in the letter. “This is especially important with open enrollment beginning on October 15, a key opportunity for beneficiaries to ensure their health plans meet their needs. The Biden-Harris administration has worked tirelessly to pass and implement the IRA, and we look forward to continuing those efforts as provisions of the law take effect, making prescription drugs costs more affordable.”
