Press Releases

Ways and Means Committee Ranking Member Richard E. Neal (D-MA) and Committee Member Congressman Steven Horsford (D-NV) released the following statement on Medicare’s new $2,000 cap on prescription drug costs taking effect today, January 1, 2025:

“With the new year comes another way Democrats are delivering on lower costs and more breathing room for the American people,” the lawmakers said. “In 2025, seniors will pay no more than $2,000 out-of-pocket for their prescription drugs—it’s a stunning achievement and all thanks to the leadership of President Biden and House Democrats. The underlying legislation, Capping Drug Costs for Seniors Act, proudly came from the Ways and Means Committee and will materially change lives. The Inflation Reduction Act has already saved seniors over $1 billion in just the first six months of last year, and more savings are on the way when the price cap goes into effect today. The American people are better off with affordable, accessible health care, and Democrats will never stop fighting to make it a reality.” 

Congressman Horsford first introduced the Capping Drug Costs for Seniors Act in the 116th Congress, and it became law in the Inflation Reduction Act. 

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