Article Summary –
The Capping Prescription Drug Costs Act, introduced by Senators Bob Casey and Raphael Warnock, aims to cap annual out-of-pocket prescription drug costs at $2,000 for individuals and $4,000 for families, potentially benefiting 173 million Americans under 65 with private insurance. Casey, facing a competitive reelection battle against Republican Dave McCormick who opposed similar measures, emphasizes that the bill builds on the Inflation Reduction Act, which capped Medicare recipients’ drug costs. Polls indicate significant voter support for making prescription drugs more affordable, reflecting widespread concern, particularly among Pennsylvanians.
A new bill sponsored by Pennsylvania Democratic Sen. Bob Casey and Georgia Democratic Sen. Raphael Warnock promises significant savings on prescription drug costs for millions of Pennsylvanians.
Casey is facing a competitive reelection race this November against Republican hedge fund investor Dave McCormick.
The Capping Prescription Drug Costs Act, introduced in the Senate on July 11, aims to limit out-of-pocket prescription drug costs to $2,000 annually per individual and $4,000 per family. According to a fact sheet from Casey’s office, this cap would apply to 173 million Americans under age 65 with private insurance. Notably, 37% of U.S. adults struggle to afford all their prescriptions.
“Prescription drug costs are like a bag of rocks tied around the necks of millions of Americans, weighing them down every single day,” Casey said in a press release. “My new bill will place a cap on out-of-pocket prescription drug costs for Americans with private insurance, building on the success of the Inflation Reduction Act and lightening the load that has been weighing down Americans for far too long.”
Pennsylvania Democratic Sen. Jon Fetterman is an original co-sponsor.
In 2022, Casey voted for President Joe Biden’s Inflation Reduction Act, which limited out-of-pocket prescription drug costs for Medicare Part D recipients to $2,000 annually starting in 2025 and capped insulin costs at $35 per month.
McCormick opposed that law, stating in an October 2023 radio interview that it should be rolled back.
Casey’s new bill would extend the $2,000 cap to about 6.4 million Pennsylvanians with employer-sponsored insurance and to over 370,000 enrolled in individual marketplace plans, according to data from the Center on Health Insurance Reforms at Georgetown University’s McCourt School of Public Policy.
A June 2023 poll for the progressive group Families USA found 61% of registered Pennsylvania voters believe prescription drugs are unaffordable.
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