Saving Seniors Money on Prescriptions Act

HR 950, the Saving Seniors Money on Prescriptions Act, requires pharmacy benefit managers (PBMs) working with Medicare Part D prescription drug plans to provide detailed annual reports starting in 2028. These reports must include transparent information about drug pricing, rebates, out-of-pocket costs for beneficiaries, and how brand-name drugs compare to generic alternatives. The bill specifically targets PBMs' relationships with affiliated pharmacies and requires them to disclose how their contracts affect drug costs for Medicare beneficiaries. It also mandates an annual report from the Government Accountability Office (GAO) to assess and streamline existing reporting requirements for health plans and PBMs. The goal is to increase transparency around prescription drug pricing in Medicare plans to help seniors understand and potentially reduce their medication costs.