What is the official ID of this bill?
The official print number for this legislation is S 1450.
Capping Medicare Drug Prices: Lower Costs for Seniors and Disabled.
This bill aims to significantly cut the cost of prescription drugs for Medicare beneficiaries (Parts B and D). It establishes a price cap, ensuring Medicare pays no more for medications than federal agencies like the Department of Veterans Affairs. This change is designed to reduce out-of-pocket expenses for millions of seniors and people with disabilities, effective January 1, 2024.
Key points
Sets a maximum payment limit for Medicare (Parts B and D) drugs based on the lowest federal procurement price (e.g., VA or GSA price).
Drug manufacturers must agree to these lower prices for their products to remain covered by Medicare.
The new price limits are scheduled to take effect starting January 1, 2024, potentially lowering patient costs.
Status:
Expired
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