Article Summary –
A new bill co-sponsored by Sen. Tammy Baldwin aims to cap annual out-of-pocket prescription drug costs at $2,000 for individuals and $4,000 for families, potentially impacting 173 million Americans under 65 with private insurance. Baldwin’s bill, introduced on July 11, follows her support for the Inflation Reduction Act that capped Medicare Part D prescription costs and insulin prices, contrasting with her opponent Eric Hovde’s opposition to such measures. This initiative is particularly significant for Baldwin’s competitive reelection bid, as 89% of Wisconsin voters support lowering prescription drug prices and insurance premiums.
A new bill co-sponsored by Wisconsin Democratic Sen. Tammy Baldwin could drastically reduce prescription drug costs for millions of Wisconsinites.
Baldwin is currently in a tight reelection race against millionaire Republican bank executive Eric Hovde this November.
The Capping Prescription Drug Costs Act, introduced on July 11, would cap out-of-pocket prescription expenses at $2,000 annually per individual and $4,000 per family. A fact sheet from lead sponsor Sen. Bob Casey (D-PA) states the cap covers 173 million Americans under 65 with private insurance, noting that 37% of adults struggle to afford prescriptions.
“No Wisconsinite should have to choose between essentials and their prescriptions,” Baldwin said in an email statement. “Our work isn’t done, and we need to provide relief for working families.”
In 2022, Baldwin supported President Joe Biden’s Inflation Reduction Act, which capped Medicare Part D recipients’ drug costs at $2,000 annually starting in 2025 and insulin at $35 per month.
Hovde opposed the law, calling it a “big, ugly bill” in an August 2022 radio interview.
This new bill would extend the $2,000 cap to approximately 3.1 million Wisconsinites with employer-sponsored insurance and more than 221,000 in the individual marketplace, according to data from Georgetown University’s Center on Health Insurance Reforms.
A July 2024 Public Policy Polling survey found 89% of Wisconsin voters believe lowering prescription drug prices and health insurance premiums is crucial for affordability.
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