Congressman Kim Introduces Bill to Limit Prescription Drug Costs for Seniors

Press Release

WASHINGTON, DC -- Today, Congressman Andy Kim (NJ-03), Congressman Steven Horsford (NV-04), and Congresswoman Haley Stevens (MI-11) introduced the Capping Drug Costs for Seniors Act, a bill that would create an out-of-pocket spending maximum for the 46 million Americans on Medicare enrolled in the Medicare Part D prescription drug program. According to the Kaiser Family Foundation there are currently more than 1.2 million New Jerseyans enrolled in Medicare Part D.

"No senior should be forced to decide between paying for their prescription drugs or paying for rent or food. We owe it to them to provide the peace of mind that comes with health care they can afford, and this bill would ensure that the cost for their lifesaving prescription drugs never spirals out of control. I'm proud to work with Congressman Horsford and Congresswoman Stevens on this important effort and look forward to getting this passed through Congress."

Currently, the Medicare program has no out-of-pocket cap on how much beneficiaries pay for critical prescription drugs. The Capping Drug Costs for Seniors Act would create an annual cap of $2,000 for out-of-pocket costs on prescription drugs under Medicare Part D, allowing most Medicare Part D recipients to save approximately $4,000 per year. The bill would also require prescription drug plans and pharmaceutical companies to pay a higher percentage of Medicare drug spending.

The full text of the bill can be found here, and a one-page summary can be found here.

In addition to the Capping Drug Costs for Seniors Act, Congressman Kim has introduced the SAVE Act, which would help lower health care costs by helping to establish state-based health insurance exchanges, and the Healthcare for Our Troops Act, a bill that would provide no-cost TRICARE Reserve Select for members of the Reserves and National Guard.

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