This week, Congress passed a historic bill. The Inflation Reduction Act of 2022 is a victory for all who have fought for decades for lower prescription drug prices and more affordable healthcare. The Act carries significant healthcare provisions, besides breakthrough decisions on climate and on taxes for large corporations:
- Brings down the cost of prescription drugs by allowing Medicare, for the first time, to negotiate directly with drug manufacturers the prices of medications it pays for. This will save Medicare hundreds of billions of dollars.
- Puts a cap on out-of-pocket expenses for seniors at $2,000 a year.
- Puts a cap on the cost of insulin for seniors at $35 per month.
- Prevents drug manufacturers from implementing huge increases in drug prices.
- Makes health insurance affordable for low-income people, young people, and other Americans who buy their healthcare insurance through the ACA by extending the subsidies that they get for another three years. These subsidies were set to expire this year.
Thank you to the Senators and House Representatives who voted to pass the Inflation Reduction Act, bringing much-needed relief on the cost of living and the cost of healthcare to all Americans.
And a big thank you to all you healthcare supporters who took action by the tens of thousands to contact your elected representatives – your emails, tweets, and calls helped make the difference!