U.S. Sen. Bill Cassidy (R-LA) on July 13 sponsored a bipartisan bill that would provide for a Medicare Part D modernization redesign in an effort to decrease prescription costs for America’s senior citizens.
The Seniors Prescription Drug Relief Act, S. 2327, which Sen. Cassidy introduced with original cosponsor U.S. Sen. Bob Menendez (D-NJ), also would establish a monthly out-of-pocket cost sharing maximum for enrollees who incur a significant portion of costs toward the annual out-of-pocket threshold under Medicare Part D, according to the text of the bill.
“If someone on Medicare cannot afford their medication, they are going to get sicker or not get better,” Sen. Cassidy said. “This bill takes on the root causes of high drug prices because we want to make it easier for seniors to pay for their prescriptions.”
If enacted, S. 2327 would establish a new out-of-pocket cap on catastrophic coverage so that beneficiaries would have no costs after reaching $3,100 in out-of-pocket spending, according to a bill summary provided by Sen. Cassidy’s staff.
And seniors on fixed incomes or who would otherwise struggle to pay their costs in a lump sum could spread their payments over the entire year if they reach that limit early in a calendar year, the summary says.
Additionally, S. 2327 would reduce a taxpayer’s responsibility for Part D spending to encourage insurance plans to better negotiate for lower drug prices and better formulary placement, and ensure that when drug prices rise, so would a drug-maker’s financial responsibility, among other provisions.
The Alliance for Aging and the Leukemia & Lymphoma Society endorsed the bill, which has been referred for consideration to the U.S. Senate Finance Committee.