WASHINGTON—Two veteran senators—a Republican and a Democrat—unveiled compromise legislation on July 23 to reduce prescription drug costs for millions of Medicare recipients, while saving money for federal and state health care programs serving seniors and low-income people.
Sens. Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.) said the bill would, for the first time, limit drug copays for people with Medicare’s “Part D” prescription plan, by capping patients’ out-of-pocket costs at $3,100 a year, starting in 2022. They’re hoping to have it ready soon for votes on the Senate floor.
