WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) announced that starting this year, Nevada seniors will have their annual out-of-pocket costs for brand-name prescription drugs effectively capped at $3,300 a year. Thanks to the Inflation Reduction Act, the 5% co-insurance payment for seniors with high drug costs has been eliminated, meaning that Nevadans on Medicare Part D will no longer have to pay more than $3,300 out-of-pocket for brand-name prescriptions. Starting in 2025, this cap will be lowered to $2,000 annually, providing for even greater savings for Nevada seniors. More than 580,000 Nevadans are currently enrolled in Medicare.
“At a time when Nevadans are experiencing rising costs and inflation, I’m so proud to have helped effectively cap the out-of-pocket costs of prescription drugs and lower costs for seniors,” said Senator Rosen. “No Nevadan should have to break the bank to pay for prescription drugs, and I’ll keep fighting in the Senate to lower costs for all.”
Senator Rosen has been a leader in fighting to lower prescription drug costs. She helped pass the Inflation Reduction Act to lower prescription drug costs for seniors, lower health care premiums, and cap the costs of insulin at $35/month. Senator Rosen then joined Senate colleagues in filing an amicus brief urging a federal court to uphold the constitutionality of the law. Last Congress, Senator Rosen introduced the bipartisan Advancing Affordable Medicines for Families Act to examine the impact that nonprofit generic drug companies would have on lowering drug costs, addressing drug shortages, and accelerating the development of new drugs, which became law in 2022.