Wyoming’s senators have co-sponsored a bill that aims to lower prescription drug prices, particularly for patients covered by Medicare.
Sens. John Barrasso and Mike Enzi, both Republicans, signed on to the “Lower Costs, More Cures Act,” which includes provisions that would cap prescription drug expenses for some Medicaid patients, limit insulin costs and cement a tax benefit for people who spend large amounts of their income on health care.
“Too many folks in Wyoming must make hard choices at the grocery store between purchasing food or prescription drugs,” Barrasso said in a statement. “This legislation is a comprehensive approach that will lower costs for patients and maintain America’s leadership in medical innovation.”
Sen. Mike Crapo, R-Idaho, introduced the bill Dec. 19, and it has been referred to the Senate Finance Committee.
For Medicare Part D patients, it would limit their out-of-pocket costs on prescription drugs to $3,100 per year and lower their co-insurance rate on drugs before meeting their deductible from 25% to 15%.
Medicare Part D is an additional program recipients can buy into that provides prescription drug coverage. Under the bill, insulin costs for Part D recipients would be limited to $50 per month, which comes to $600 per year.
The legislation would also lower the threshold at which taxpayers could write off their health care costs. A temporary tax benefit in place right now allows people to write off health care costs that eclipse 10% of their annual income. The bill would make the write-off permanent and lower the threshold to 7.5%.