Bicameral Bill Would Place Monthly Limit on Out-of-Pocket Costs for Families
Vermont Business Magazine Rep. Peter Welch (D-Vt.), joined by Senator Elizabeth Warren (D-Mass.) and Rep. Jacky Rosen (D-Nev.), introduced legislation today that would cut prescription drug costs for families by placing a monthly cap on their out-of-pocket drug costs. The Capping Prescription Drugs Act of 2018 comes as more than a quarter of Americans are struggling to afford their medicine.
“Prescription drugs cure illnesses, relieve pain, and save lives. But skyrocketing prices are putting them out of reach for consumers,” said Welch. “By capping monthly out-of-pocket prescription costs, this legislation will provide urgently needed relief for hardworking Americans struggling to pay for the medicine they need.”
“With prescription drug prices soaring over the past decade, it is time we took real action to protect families from out-of-pocket costs,” said Warren. “I’m proud to partner with my colleagues on a bill to tackle this piece of the drug pricing problem.”
The Capping Prescription Costs Act of 2018 takes meaningful steps to address the problem of high drug costs by placing a monthly limit on what consumers pay in out of-pocket drug costs. The legislation caps prescription drug copays at $250 per month for individuals and $500 per month for families. The bill, which applies to all group health plans and individual market plans, also ensures that individuals and families with high prescription drug costs are protected and can access necessary medications.
Rep. Welch is a senior member of the House Energy & Commerce Committee and co-chair of the House Affordable Prescription Drug Task Force. He is the lead House sponsor of legislation to mandate Medicare price negotiation and author of legislation to allow for the importation of safe prescription drugs from Canada.