To amend title XVIII of the Social Security Act to provide Medicare part D beneficiaries with certain offset payments and reduce the growth rate of the Medicare part D out-of-pocket cost threshold, and for other purposes.
Lowering Drug Costs for Seniors Act of 2020
This bill modifies and establishes certain requirements under the Medicare prescription drug benefit. Specifically, the bill lowers the annual out-of-pocket spending threshold for 2021, and requires the Centers for Medicare & Medicaid Services to issue payments to beneficiaries who exceed a modified 2020 threshold, as specified.
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