WASHINGTON, D.C. – Today, U.S. Senators Jacky Rosen (D-NV) and John Cornyn (R-TX) introduced a bipartisan bill to reduce prescription drug costs for seniors. The Reducing Drug Prices for Seniors Act would directly reduce out-of-pocket costs by requiring that coinsurance payments for prescription drugs for seniors on Medicare be determined based on the lower net price of the medication as opposed to the higher list price.
For example, if a senior has a 50 percent coinsurance and their medication’s list price is $200, they currently pay $100 out-of-pocket at the pharmacy – even if the insurance company only paid $150 for the medication. This bipartisan legislation would ensure that, in this example, the senior ends up only paying $75.
“For far too long, Nevadans have been forced to pay extremely high prices for prescription drugs, and I believe no one should have to break the bank to pay for life-saving medication,” said Senator Rosen. “That’s why I’m introducing a bipartisan bill to lower out-of-pocket costs for prescription drugs for Nevada seniors and reduce the amount of money they have to pay at the pharmacy counter. I’ll keep working with anyone – Republican, Democrat, or Independent – to bring down costs for families in our state.”
“Countless seniors in Texas face challenges with high out-of-pocket prescription drug costs,” said Senator Cornyn. “I am proud to support the Reducing Drug Prices for Seniors Act, which aims to ease this financial burden by lowering costs and improving access to potentially life-saving medications.”
Senator Rosen has been actively working to lower health care and prescription drug costs for families. She helped pass the bill that gave Medicare the power to negotiate for lower prescription drugs and cap the price of insulin at $35 a month. At the beginning of this year, Senator Rosen announced the start of a cap on prescription drug prices for Nevada seniors that she helped pass. She also announced that more medications now qualify for Medicare price negotiations.
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