Click here if you want lower Rx prices

Dear Neighbors,

I held a press conference this week on new legislation I introduced last month to lower prescription drug costs. Nearly one year ago, I joined President Biden as he signed the Inflation Reduction Act into law, granting Medicare the authority to negotiate lower drug prices for America’s seniors for the first time and capping out of pocket costs annually at $2,000 for seniors. It also penalizes pharmaceutical companies that unfairly raised prices faster than the rate of inflation.

Thanks to the inflation penalty, seniors are already saving upwards of $449 on their coinsurance costs, while under the cap, an estimated 473,370 New Jerseyans will save an average $519.78 beginning in 2025. The law also further reduced drug prices for seniors by capping the cost of insulin at $35 per month, helping over 39,000 New Jerseyans.

My new bill - the Lowering Drug Costs for American Families Act - builds on the progress of the Inflation Reduction Act by ensuring more Americans can benefit from the law’s provisions by:

Extending the historic drug price negotiation program to all Americans with private coverage. This includes over 164 million workers and their families who get health coverage through their jobs and more than 16 million individuals with Marketplace coverage through the Affordable Care Act;
Stopping drug companies from raising prices faster than inflation by ensuring that the inflation rebates enacted under the Inflation Reduction Act also apply to individuals covered by private health plans. Extending the inflation rebates to privately-covered American workers can save as much as $40 billion over the next decade alone; and
Strengthening the drug price negotiation program to deliver more savings to the American people by increasing the annual number of prescription drugs selected for negotiation from 20 to 50.

PACT Act Claims Deadline Extended

Veterans and survivors now have until August 14 to apply for PACT Act benefits backdated to August 10, 2022. Veterans and survivors who apply (or submit their intent to file) for PACT Act benefits by 11:59 PM ET on Monday, August 14 will be eligible to have their benefits backdated to August 10, 2022 – the day that President Biden signed the PACT Act into law. This is an extension from the original deadline of August 9. All veterans and their survivors can apply – or submit their intent to file – for PACT Act benefits now by visiting VA.gov/PACT.

Reminder: Middlesex County Constituent Fair

My office is co-hosting a constituent fair next week. My offices are always available to assist constituents who need help navigating issues with federal agencies. If you do have an issue with a federal agency you’d like to discuss, please bring the relevant documents to the fair.

Perth Amboy

August 15, 4pm to 7pm

Alexander Jankowski Community Center

1 Olive St., Perth Amboy, NJ 08861

Representatives from the office of NJ State Senator Joseph Vitale and Assemblymembers Craig Coughlin and Yvonne Lopez, the Office of Middlesex County Clerk Nancy J. Pinkin, the New Jersey Department of Health, the City of Perth Amboy, and Bayside Family Success Center will also be available.

Click here to visit my website or call my offices directly if you have questions or need help with a federal agency:

Middlesex County: 732-249-8892

Monmouth County: 732-571-1140

Sincerely,

Congressman Pallone