Legislation to cap the cost of prescription drugs for individuals and families with private insurance was announced by U.S. Senator Kirsten Gillibrand (D) Wednesday.
The Capping Prescription Costs Act is in response to President Trump’s executive orders rescinding Biden-era directives which had promoted lowering drug costs and expanding healthcare coverage.
"The day he was sworn in, President Trump signed an executive order to reverse Biden's own orders to lower the cost of prescription drugs for people on Medicare and Medicaid, to strengthen the Affordable Care Act and to increase protections for Medicaid participants," said Gillibrand.
"Clearly there's much more we need to do to help New York seniors, families and people with disabilities afford their medications."
Gillibrand said if passed, the bill would extend the cap on prescription drug costs to people with private health insurance. It would place annual caps of out of pocket costs for prescription drugs at $2,000 for individuals and $4,000 for families.
Under the bill, more than half of New Yorkers would qualify to have their out of pocket prescription drug costs capped.
The legislation builds on the Inflation Reduction Act of 2022, which capped out of pocket prescription drugs for Americans with Medicare Part D and out of pocket insulin spending at $35 a month for seniors.
