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How Congress plans to lower drug prices and out-of-pocket costs

Source: Nancy LeMond, AARP blog

Americans are sick and tired of paying the highest prices in the world for their medications. Fortunately, the House of Representatives recently unveiled the text of the Build Back Better Act, which represents a huge step towards helping seniors afford the prescription drugs that they need. The bill will lower drug prices for millions of seniors by finally allowing Medicare to negotiate certain drug prices, penalizing drug companies that increase their prices faster than inflation, and adding a hard out-of-pocket cap to Medicare Part D. 

Here’s a quick rundown of what consumers can expect. In 2023:
- Drug companies pay penalties for big price increases,

- $35 insulin copays under Medicare Part D and

- $35 insulin copays for many private health plans.

Read Full Article: How Congress plans to lower drug prices and out-of-pocket costs

 

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