Arlington, VA – The following is a statement from Howard Bedlin, NCOA vice president for Public Policy and Advocacy, on the introduction of the Lower Out-of-Pocket Costs for Seniors Act:
“The National Council on Aging (NCOA) deeply appreciates the leadership of Ranking Members Frank Pallone (D-NJ) of the Energy and Commerce Committee and Richard Neal (D-MA) of the Ways and Means Committee, in proposing legislation to help people with Medicare afford their expensive prescription drugs. The Lower Out-of-Pocket Costs for Seniors Act prevents the out-of-pocket threshold for catastrophic coverage from increasing by $1,250 to $6,350 in 2020. If this amount is permitted to increase, beneficiaries would have to pay more before reducing their out-of-pocket coinsurance to just 5% of prescription drug costs after the threshold is reached. Half of Medicare beneficiaries have incomes below about $26,200, and millions have multiple chronic conditions that require costly prescription medications. These seniors and people with disabilities could save thousands of dollars in reduced out-of-pocket costs under the bill. We urge members to cosponsor the bill and encourage a bipartisan effort to pass this crucial legislation.”
The National Council on Aging (NCOA) is the national voice for every person’s right to age well. NCOA empowers individuals with trusted solutions to improve their own health and economic security—and protects and strengthens federal programs that people depend on as they age. Working with a nationwide network of partners and directly with individuals, NCOA’s goal is to improve the lives of 10 million older adults by 2020. Learn more at ncoa.org and @NCOAging.