Bill > S2327

This bill, the Seniors Prescription Drug Relief Act, proposes several key changes to Medicare Part D: 1. It redesigns the Part D benefit structure, including establishing a $0 annual deductible starting in 2024 and setting the annual out-of-pocket threshold at $3,100 for 2024, with annual increases thereafter. It also reduces beneficiary coinsurance from 25% to 20% starting in 2024. 2. It decreases the amount of reinsurance payments to Part D plan sponsors, phasing down to 20% and 40% for applicable drugs and non-applicable drugs, respectively, by 2026 and beyond. 3. It establishes a new manufacturer discount program during the initial and catastrophic phases of Part D coverage, requiring drug manufacturers to provide discounts for applicable drugs starting in 2024. 4. It creates a monthly out-of-pocket cost sharing maximum for certain Part D enrollees who incur a significant portion of costs towards the annual out-of-pocket threshold, allowing them to pay a capped monthly amount. Overall, the bill aims to modernize and provide relief to Medicare beneficiaries' prescription drug costs through a redesign of the Part D benefit structure and the introduction of new cost-sharing protections.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/2327/all-info