Medicare Costs for Seniors Lowered in Senate Drug-Price Bill - (Bloomberg via NewsPoints Desk)

  • Senior citizens would pay a smaller portion of their drugs' cost and be shielded from large one-time expenses under a new version of a US Senate drug-pricing bill, reported Bloomberg.

  • According to the news source, the second draft of the Senate proposal lowers what Medicare beneficiaries are responsible for paying in the initial phase of their prescription plans from 25% to 20% after they have paid their deductibles.

  • The measure also gives seniors the option to more evenly distribute what they pay each month for their medications, which would be capped at $3100 annually.

  • Meanwhile, the lawmakers responsible for the proposed legislation didn't shy away from the previous bill's most controversial element, which was mandating pharmaceutical companies pay rebates to the US government if they raise the prices of their products beyond the rate of overall inflation.

  • In July, the Congressional Budget Office (CBO) said the bill would save taxpayers $85 billion and save beneficiaries $27 billion over a decade. 

  • The CBO hasn't worked out the numbers on the revised bill and the Senate Finance Committee didn’t provide any new savings estimates.

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