Lowering Drug Costs for American Families Act

This bill expands Medicare's drug price negotiation program to cover 50 drugs (up from 20) and requires health insurers to apply negotiated prices to cost-sharing for beneficiaries. It establishes annual out-of-pocket cost-sharing limits for prescription drugs under group health plans and insurance coverage, with specific limits of $2,000 for self-only coverage in 2027 that will increase annually. The bill also sets specific cost-sharing limits for insulin products, requiring coverage with no deductible and cost-sharing of no more than $35 per 30-day supply or 25% of the negotiated price. These provisions affect Medicare beneficiaries, people with group health plans, and health insurers across the country. The bill applies to plan years beginning on or after January 1, 2027.