Share the Savings with Seniors Act
Summary
The "Share the Savings with Seniors Act" aims to amend Title XVIII of the Social Security Act, specifically focusing on Medicare Part D. The bill seeks to lower cost-sharing for chronic care drugs. It mandates that cost-sharing for these drugs should not exceed the net price below the annual deductible and that coinsurance above the deductible should be based on the net price.
Expected Effects
If enacted, the bill would change how Medicare Part D beneficiaries pay for chronic care medications. It would likely lower out-of-pocket expenses for many seniors. The changes would be implemented starting in 2027 through interim final regulations issued by the Secretary of Health and Human Services.
Potential Benefits
- Reduced out-of-pocket costs for seniors on chronic care drugs.
- Cost-sharing based on net price could lead to lower medication expenses.
- Conforming amendments extend cost-sharing benefits to low-income individuals.
- The bill addresses specific drug categories, ensuring targeted relief.
- Interim final regulations allow for quicker implementation of the changes.
Potential Disadvantages
- The changes are not immediate, only taking effect in 2027.
- The definition of 'chronic care drug' is limited to specific USP categories, potentially excluding some medications.
- The exception for copayments not tied to drug prices could limit the impact for some plans.
- The reliance on 'net price' may introduce complexities in price negotiation and transparency.
- The bill's impact depends on how the Secretary of Health and Human Services implements the regulations.
Constitutional Alignment
The bill falls under the purview of Congress's power to legislate for the general welfare, as outlined in the Preamble of the US Constitution. Specifically, it relates to providing for the health and well-being of senior citizens through adjustments to Medicare. Article I, Section 8 grants Congress the power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).