The Capping Prescription Costs Act would cap annual out-of-pocket prescription drug costs per year at $2,000 for individuals and $4,000 for families

The legislation builds on the success of the Inflation Reduction Act and extends out-of-pocket caps to the commercial health care market

Senator Reverend Warnock successfully capped the cost of prescription drugs for Medicare recipients

Senator Reverend Warnock: “When you are sick, nothing else matters, this is a moral issue that transcends partisan politics, and I will keep fighting until we get it done”

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), introduced the Capping Prescription Costs Act. The legislation would lower prescription drug costs for millions of Americans by placing annual caps on out-of-pocket costs for prescription drugs at $2,000 for individuals and $4,000 for families with private insurance. 

The Senator’s bill builds on the success of the Inflation Reduction Act, which includes the Senator’s provision capping prescription drug cost-sharing for Medicare Part D beneficiaries, extending the savings to the commercial health care market.

“In my decades-long fight to lower medication costs and make health care more accessible, I’ve heard stories of people having to skip refills, ration prescriptions, and make financial decisions that risk their health just to afford the medications they need to survive,” said Senator Reverend Warnock. “In a nation as rich and powerful as the United States, that should never be the case, which is why the Capping Prescription Costs Act is so important. When you are sick, nothing else matters, this is a moral issue that transcends partisan politics, and I will keep fighting until we get it done.”

“No Nevadan – and no American – should have to negotiate against themselves when choosing between the medications they need to be healthy and food they need to survive,” Rep. Horsford said. “I’m proud to partner with Senator Warnock on the Capping Prescription Costs Act, and look forward to introducing the House companion bill. Our legislation would help Americans with private insurance save on needed prescriptions each year. The choice between health and survival is impossible – it’s beyond time we stop forcing Americans to make it.”

Over 60 percent of American adults take at least one prescription drug, with 25 percent of adults taking four or more. Yet Americans often pay more for the same prescription drugs than people in other countries, and due to the cost burden, American patients often cannot afford their medications as prescribed. This results in patients skipping doses, cutting doses in half, or taking over-the-counter medications instead of their prescriptions. One study found that 31 percent of patients did not take their medications as prescribed due to cost. The new $2,000 cap on cost-sharing for individuals and $4,000 for families will apply to all of the 173 million Americans who have private health insurance.

“This bill would provide desperately needed relief for patients with chronic conditions and many others that face prescription drug bills that total thousands of dollars in a given year. Capping out-of-pocket costs for medications in Medicare is popular and provides practical help for many, but millions more who rely on private insurance should have the same benefit. Congress should continue to address the underlying price of prescription drugs, while also capping out-of-pocket costs to provide practical relief to patients and families. We appreciate leadership from Senator Warnock to continue to lower daily and monthly costs for families that desperately need help accessing and affording care,” said Anthony Wright, Executive Director of Families USA.

“By introducing the Capping Prescription Costs Act, Senator Warnock is fighting to help level the playing field for working families. As Republicans push to raise health care costs for Americans struggling to pay their bills, Democrats are fighting to lower prescription drug costs for millions of families nationwide. The contrast couldn’t be more clear: Republicans want to put profits over people and raise costs to fund tax breaks for the ultra-wealthy, and Democrats want to lower costs, improve care, and ensure that every American can afford the health care they need,”said Leslie Dach, Chair of Protect Our Care Chair.

Senator Reverend Warnock has long championed efforts to expand affordable health care access, starting with his advocacy to close the health care coverage gap in Georgia. In the Inflation Reduction Act, Senator Warnock got two proposals included in the final version of the bill —provisions from his bill to cap the cost of insulin at $35 a month for Medicare patients, and his plan to cap the cost of prescription drugs for seniors at $2,000 a year. The Senator has been a years-long advocate for expanding Medicaid. In Washington he’s pushed for solutions to close the coverage gap. Senator Warnock is committed to preserving and protecting access to health care for the most vulnerable. Last year, Senator Warnock also introduced the Bridge to Medicaid Act, legislation to provide health care coverage to the hundreds of thousands of Georgians in the health care coverage gap. The bill would provide a temporary health care option for people in the Medicaid coverage gap to get subsidized private health care until non-expansion states like Georgia finally expand Medicaid.

In addition to Senator Warnock, the Capping Prescription Costs Act was cosponsored by Senators Tammy Baldwin (D-WI), Cory Booker (D-NJ), Richard Blumenthal (D-CT), John Fetterman (D-PA), Kirsten Gillibrand (D-NY), Maritn Heinrich (D-NM), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Patty Murray (D-WA), and Peter Welch (D-VT).

Full bill text of the Capping Prescription Costs Act is available HERE.

A one-pager on the Capping Prescription Costs Act is available HERE.

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