Notably, the legislation would also limit drug price increases for people with private insurance.
"We have a once-in-a-generation opportunity to get this across the finish line, and I am deeply committed and excited about getting it done," Rep. Colin Allred, D-Texas, said during a webcast hosted by Invest in America this week.Rep. Susie Lee, D-Nev., called the proposal"life-saving legislation" for families and seniors during a separate webcast also hosted by Invest in America this week.
If other prices increased at the same rate, gas would now cost $12.20 per gallon and milk would cost $13 per gallon, he said. "We feel this can really tackle inflation and really put money back into seniors' pockets," Fewkes said.The federal government would be given the ability to negotiate the prices of some high-cost drugs covered under Medicare Parts B and D. That number of negotiated drugs would gradually increase from 10 in 2026 to 15 in 2027, 15 in 2028 and 20 in 2029.
It would also eliminate cost sharing for adult vaccines under Medicare Part D. Vaccine access would also be improved for Medicaid and the Children's Health Insurance Program.