1. Short title This Act may be cited as the Creating Lower cost Alternative for Your prescription drugs Act or the CLAY Act . 2. Adjustments to Medicare part D cost-sharing reductions for low-income individuals Section 1860D–14(a) of the Social Security Act ( 42 U.S.C. 1395w–114(a) ) is amended— (1) in paragraph (1)— (A) in subparagraph (D)— (i) in clause (ii)— (I) by striking that does not exceed $1 for and all that follows through the period at the end and inserting that does not exceed— (I) for plan years before plan year 2021— (aa) for a generic drug or a preferred drug that is a multiple source drug (as defined in section 1927(k)(7)(A)(i)), $1 or, if less, the copayment amount applicable to an individual under clause (iii); and (bb) for any other drug, $3 or, if less, the copayment amount applicable to an individual under clause (iii); and ; and (II) by adding at the end the following new subclauses: (II) for plan year 2021— (aa) for a generic drug, $0; and (bb) for any other drug, the dollar amount applied under this clause (after application of paragraph (4)(A)) for plan year 2020 for a drug described in subclause (I)(bb); and (III) for a subsequent year, the dollar amount applied under this clause for the previous year for the drug, increased by the annual percentage increase in the consumer price index (all items; U.S. city average) as of September of such previous year. ; and (ii) in clause (iii)— (I) by striking does not exceed the copayment amount specified under and inserting does not exceed— (I) for plan years beginning before plan year 2021, the copayment amount specified under ; (II) by striking the period at the end and inserting ; and ; and (III) by adding at the end the following new subclause: (II) for plan year 2021 and each subsequent plan year the copayment amount applied under clause (ii) for the drug and year involved.