Us Congress House Bill HB4881

Us Congress 2023-2024 Regular Session

• Introduced: 7/25/23
• Refer: 7/25/23
• Refer: 7/28/23
• Report Pass: 12/6/23

Caption

To amend title XVIII of the Social Security Act to limit cost sharing for drugs under the Medicare program.

Impact

If enacted, HB 4881 would have a significant impact on healthcare costs for seniors and individuals with disabilities who rely on Medicare. By limiting cost-sharing, the bill aims to alleviate some of the financial burdens associated with prescription drug costs. This would make medications more accessible for many patients who currently struggle to afford their necessary prescriptions, thereby potentially improving health outcomes and medication adherence among this demographic.

Summary

House Bill 4881 aims to amend Title XVIII of the Social Security Act to limit cost sharing for prescription drugs under the Medicare program. Specifically, this bill seeks to establish a cap on the amount individuals have to pay for covered Part D drugs, ensuring that cost-sharing does not exceed the average net price of those drugs. The changes will apply to plan years starting from January 1, 2027, and are designed to lower out-of-pocket expenses for Medicare beneficiaries, making essential medications more affordable.

Contention

During the discussions surrounding this bill, there were varying opinions on its implications. Supporters emphasized the need to curb high drug prices and improve affordability for seniors, asserting that the measures proposed in HB 4881 are essential for addressing the financial strain that healthcare costs impose on vulnerable populations. On the other hand, some critics raised concerns about the potential impact on pharmaceutical companies and the market dynamics of drug pricing. There was apprehension that capping cost-sharing could lead to reduced investment in drug development or affect the availability of certain medications in the long run.