Lowering Medicare Prescription Drug Prices
This act aims to reduce prescription drug costs for individuals covered by Medicare. It sets a price cap, ensuring drug prices cannot exceed amounts paid by the Department of Veterans Affairs or the General Services Administration. This means citizens can expect lower out-of-pocket expenses for essential medications.
Key points
The act establishes a maximum price for drugs covered under Medicare Parts B and D, not to exceed prices paid by the Department of Veterans Affairs or the General Services Administration.
Drug manufacturers must agree to these lower prices for their products to be covered by Medicare.
These changes will take effect on October 1, 2022, potentially leading to savings for Medicare beneficiaries.
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