What Biden’s Executive Order To Lower Prescription Drug Costs Means for Your Wallet

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President Joe Biden signed an executive order on Friday instructing the Department of Health and Human Services to explore more ways to lower the costs of prescription drugs, according to an announcement from the White House.

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The executive order mandates that the U.S. Department of Health & Human Services (HHS) outline, within 90 days, how it will implement new models of care and payment to lower drug costs, a White House official who declined to be named, told Reuters on Friday.

If passed, the new bill would seek to lower prescription drug costs for Americans. The specifics of how that would be done have not yet been disclosed. New information should become available if the bill is enacted or gains steam.

This executive order comes nearly two months after the $739 billion Inflation Reduction Act was signed into law by Biden on Aug. 16. The bill was designed to lower inflation and slash the national deficit by $305 billion over the next ten years.

Under the Inflation Reduction Act, a federal agency will be able to negotiate prices for prescription drugs under Medicare, which could lower the costs of certain medications for seniors. It also touts a $2,000 limit on out-of-pocket costs beginning in 2025 for folks enrolled in Medicare Part D. In addition, the bill assigns a $35 monthly cap per prescription of insulin.

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Biden’s latest executive order suggests that the president is taking his commitment to cutting prices on prescription drug costs a step further, and comes right in time when the race for the Nov. 8 midterm elections is well underway.

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This article originally appeared on GOBankingRates.com: What Biden’s Executive Order To Lower Prescription Drug Costs Means for Your Wallet