How the proposed prescription drug reform bill in Congress will impact you

After years of promises and months of negotiations, Democrats appear to be on the verge of prescription drug reform. Senator Joe Manchin (D-WV) announced he had reached a deal with Democratic leadership to enact sweeping reforms involving health care, the climate and taxes. Manchin previously blocked efforts to enact similar legislation last year. One of the most consequential changes involves prescription drugs. The newly released legislation caps out-of-pocket costs for those with Medicare Part D at 2,000 annually. The legislation also enacts penalties for companies that raise prices above inflation. Perhaps most importantly, the proposal would allow Medicare to negotiate with prescription drug companies for the very first time.