Reducing Existing Costs Associated with Pharmaceuticals for Seniors Act of 2016 or the RxCAP Act of 2016

This bill amends title XVIII (Medicare) of the Social Security Act to eliminate beneficiary cost-sharing above the Medicare prescription benefit's annual out-of-pocket threshold beginning in plan year 2018. Under current law, the Medicare prescription drug benefit provides coverage above that threshold only with cost-sharing in the form of either copayment or coinsurance.