Capping Prescription Costs Act of 2024

The Capping Prescription Costs Act of 2024 sets a yearly limit on out-of-pocket costs for prescription drugs under most health insurance plans. Starting in 2026, individual plan members would pay no more than $2,000 annually for covered drugs, while families would pay no more than $4,000. These limits would increase each year based on inflation, adjusted using the medical care component of the Consumer Price Index. The bill applies to both individual health plans and employer-sponsored group plans covered under the Affordable Care Act. It takes effect for plans beginning after December 2025.