Kamala Harris, the Vice President of the United States, has unveiled a comprehensive health care platform that aims to further reduce prescription drug costs for all Americans. Building on the initiatives of the Biden administration, Harris is advocating for the expansion of existing measures to make medications more affordable.
One key aspect of Harris' plan is to extend the current $35 monthly cap on out-of-pocket costs for insulin to all Americans, not just those enrolled in Medicare. Additionally, she is pushing for the implementation of a $2,000 annual limit on out-of-pocket costs for prescription drugs across the board.
These caps were initially introduced for Medicare beneficiaries through the Inflation Reduction Act. The $2,000 limit on out-of-pocket costs for Medicare Part D drugs is set to take effect in January, providing significant relief to seniors.
Furthermore, Harris is advocating for the acceleration of Medicare's drug price negotiations to expedite the process of lowering medication costs. Recent negotiations led by the Biden administration are projected to generate $6 billion in savings for Medicare and reduce out-of-pocket expenses for seniors by $1.5 billion when the lower prices go into effect in 2026.
In line with President Biden's efforts to address the affordability of insulin, Harris is also highlighting the initiatives of major insulin manufacturers in the U.S. who offer price caps or savings programs that bring the cost of insulin down to $35 for many patients.
Overall, Harris' proposal represents a significant step towards making prescription drugs more accessible and affordable for all Americans, aligning with the broader goal of improving healthcare affordability and accessibility in the country.
