Proposal would limit annual out-of-pocket prescription expenses to $2,000 for individuals and $4,000 for families

Organ Mountain News report

WASHINGTON, D.C. - U.S. Rep. Gabe Vasquez, D-N.M., has co-sponsored legislation that would cap annual prescription drug costs for Americans with private health insurance.

According to a news release from Vasquez’s office, the proposed Capping Prescription Costs Act would limit annual out-of-pocket prescription drug expenses to $2,000 for individuals and $4,000 for families covered by private insurance plans.

The legislation would expand on prescription drug price caps already in place for seniors and Medicare recipients under the Inflation Reduction Act.

Supporters say the measure would extend similar protections to the estimated 173 million Americans who receive health coverage through private insurance.

“Too many hardworking New Mexicans can’t fill their essential prescriptions because the cost of medicine has skyrocketed,” Vasquez said in a statement. “I’m supporting this bill to cap out-of-pocket costs because families shouldn’t have to choose between their medicine or putting gas in their car to get to work.”

A recent report cited by the congressman’s office found that eight out of 10 Americans in congressional districts like New Mexico’s 2nd District say their health care costs have increased.

Vasquez has previously supported efforts to reduce prescription drug costs, including measures to cap insulin prices at $35 per month and to preserve Medicare’s ability to negotiate lower drug prices with pharmaceutical companies.

His office also said he has opposed proposals that could affect prescription delivery in rural communities, including efforts to privatize the U.S. Postal Service.