Capping Prescription Costs Act of 2024

Bill: 118-s-4671
Sponsor: full_name: Sen. Casey, Robert P., Jr. [D-PA]
Introduced: 2024-07-11
Policy area: Health
Latest action: action_date: 2024-07-11
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4671 IN THE SENATE OF THE UNITED STATES July 11 (legislative day, July 10), 2024 Mr. Casey (for himself, Mr. Warnock , Ms. Klobuchar , Mr. Fetterman , Mrs. Gillibrand , Mr. Blumenthal , Mr. Van Hollen , Mr. Heinrich , Ms. Baldwin , and Mr. Welch ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To limit cost sharing for prescription drugs, and for other purposes.

1. Short title This Act may be cited as the Capping Prescription Costs Act of 2024 . 2. Cap on prescription drug cost-sharing (a) Qualified health plans Section 1302(c) of the Patient Protection and Affordable Care Act ( 42 U.S.C. 18022(c) ) is amended— (1) in paragraph (3)(A)(i), by inserting , including cost-sharing with respect to prescription drugs covered by the plan after charges ; and (2) by adding at the end the following: (5) Prescription drug cost-sharing (A) 2026 For plan years beginning in 2026, the cost-sharing incurred under a health plan with respect to prescription drugs covered by the plan shall not exceed $2,000 per year for each enrolled individual, or $4,000 per year for each family. (B) 2027 and later (i) In general In the case of any plan year beginning in a calendar year after 2026, the limitation under this paragraph shall be equal to the applicable dollar amount under subparagraph (A) for plan years beginning in 2026, increased by an amount equal to the product of that amount and the medical care component of the consumer price index for all urban consumers (as published by the Bureau of Labor Statistics) for that year. (ii) Adjustment to amount If the amount of any increase under clause (i) is not a multiple of $5, such increase shall be rounded to the next lowest multiple of $5. . (b) Group health plans Section 2707(b) of the Public Health Service Act ( 42 U.S.C. 300gg–6(b) ) is amended— (1) by striking annual ; and (2) by striking paragraph (1) of section 1302(c) and inserting paragraphs (1) and (5) of section 1302(c) of the Patient Protection and Affordable Care Act . (c) Effective date The amendments made by subsections (a) and (b) shall take effect with respect to plans beginning after December 31, 2025.