WASHINGTON, D.C. — Recently, U.S. Sen. Bob Casey (D-PA), chairman of the U.S. Senate Special Committee on Aging, held a hearing highlighting his efforts to lower health care costs for American patients. At the hearing, titled “Health Care Transparency: Lowering Costs and Empowering Patients,” Casey touted his new Capping Prescription Costs Act, which he said would bring down prescription costs for millions of Americans.

“Prescription drug costs are like a bag of rocks tied around the necks of millions of Americans, weighing them down every single day, and Congress has a responsibility to lessen that weight,” said Casey. “We have made a lot of progress on health care costs over the last few years, particularly by passing the Inflation Reduction Act, which is capping prescription drug costs for Medicare Part D beneficiaries. My new bill will extend those savings to the millions of Americans who have private insurance.”

The Inflation Reduction Act will limit Medicare beneficiaries’ out-of-pocket costs at $2,000 per year beginning in 2025.

Casey’s new bill will extend that out-of-pocket cost cap to the commercial health care market. 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.

Learn more at www.casey.senate.gov/imo/media/doc/capping_prescription_costs_act.pdf.