ABC News (WPHM AM) - 07/06/2022 - Democrats Schumer and Manchin strike deal to cut costs for seniors
Here is some of it:
The current deal, according to a summary of the provisions obtained by ABC News, would allow Medicare to begin negotiating the cost of certain prescription drugs next year; for the first time cap Medicare recipients’ out of pocket costs at $2,000 annually while offering premium assistance to more low income seniors; and penalize drug manufacturers that raise the cost of drugs higher than inflation by requiring companies pay a rebate back to seniors for those higher prices.
All vaccines would be available for free to seniors under the plan.
Also for the first time, Democrats — wary of a GOP administration not implementing this policy — plan to close what they call the “rogue HHS secretary loophole.” The aim of the provision, according to the summary, would be to require the secretary “to negotiate the maximum number of drugs each year, to the extent that number of drugs qualify for negotiation.”
Democrats also intend to pressure drug companies to bring more generics to market. “The new negotiation framework aggressively negotiates lower and lower prices if a drug company continues to block generic competition,” the summary states.
It is with the Parlimentarian now to see if it past muster for Reconciliation passage.
Want to talk about it? Who gets the cost savings? You might be surprised.
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