Inflation Reduction Act Will Drive Down Health Care Premiums and Prescription Drug Costs for Millions
Washington, D.C. — Today, Senate Democrats passed The Inflation Reduction Act, which will lower costs and improve health care for millions of Americans. Along with combating inflation and making key investments in climate and energy, this historic legislation will extend enhanced premium tax credits for three years and drive down prescription drug prices by giving Medicare the power to negotiate, capping seniors’ out-of-pocket costs for drugs at $2,000 per year, limiting insulin costs, and stopping Big Pharma’s egregious price hikes. These policies will save millions of Americans thousands of dollars a year. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“This bill will make a real difference in the lives of millions. It will lower health care costs by thousands of dollars a year. Today’s vote is a victory for people who work hard everyday but can’t afford the drugs they need to stay alive, or can’t afford to pay for health insurance and can’t access lifesaving care.
“We are one step closer to ensuring millions of families can afford the health care they need. By voting to lower health care premiums and prescription drug costs, Democrats have secured the greatest health care achievement since the Affordable Care Act, overcoming unified Republican opposition and a decades-long lobbying campaign from Big Pharma and special interests. This bill will deliver long-overdue relief to millions and make health care more accessible, equitable, and affordable for years to come.”