News

The Inflation Reduction Act will lower costs and improve health care for millions of hard working Americans, with help on the way in just a matter of months. The historic reforms will drive down prescription drug prices by giving Medicare the power to negotiate, capping seniors’ out-of-pocket drug costs at $2,000 per year, limiting insulin copays, and stopping many of Big Pharma’s egregious price hikes. In addition, the plan will lower health insurance premiums for millions of Americans who buy health insurance on their own through the Affordable Care Act. These policies will save millions of Americans thousands of dollars a year. Not only does this bill address our most pressing health care challenges, it also puts downward pressure on rising costs and is backed by more than 120 world renowned economists. 

For too long, Americans have had to pay too much for health insurance or to get the prescription drugs that they depend on. These proposals enjoy overwhelming support across party lines and will be the greatest health care improvement since the passage of the Affordable Care Act.. Lawmakers have long promised to lower health costs and rein in high drug prices — but President Biden and Democrats are actually getting the job done. 

Health care lies at the heart of the Inflation Reduction Act, and the proposals to reduce costs and expand care are overwhelmingly popular with voters across the political spectrum. The Inflation Reduction Act will reduce racial inequities in health care, improve the health and well-being of seniors and people with disabilities, strengthen families, and save lives. 

Help Is On The Way Starting Next Year  

In 2023

• 13 million Americans will save on their health insurance premiums, saving an average of $2,400 per family.
• 49 million Medicare beneficiaries will no longer face Big Pharma’s outrageous price hikes that outpace inflation.
• 3.2 million Medicare beneficiaries using insulin will have insulin copays capped at $35 each month.
• All Medicare Part D beneficiaries will have access to covered vaccines, such as Shingles and Tdap, at no cost starting in 2023.

And Soon After That

• 49 million Medicare Part D beneficiaries will have out-of-pocket costs for prescription drugs capped at $2,000 per year starting in 2025.
• Medicare will negotiate lower prices for 80 of the most expensive and popular prescription drugs by 2030.

STATE BY STATE NUMBERS FOR ALL FIFTY STATES CAN BE FOUND HERE

The Inflation Reduction Act Lowers Prescription Drug Prices

Gives Medicare The Power To Negotiate Lower Drug Prices. For nearly 20 years, Medicare has been banned from negotiating the price of prescription drugs for seniors, and Big Pharma has been able to dictate prices while Americans pay three times more for their medications than people in other countries. Under the Inflation Reduction Act, Medicare will be empowered to negotiate prices for select drugs for Medicare Part D’s 49 million beneficiaries. Beginning in 2026, 10 drugs will be negotiated with that number increasing to 15 drugs in 2027, and 20 drugs in 2029 and into the future. By 2030, more than 80 drugs will be eligible for Medicare price negotiation, in addition to insulin products. 

Caps Out-Of-Pocket Spending For Seniors. Seniors with serious conditions like cancer, multiple sclerosis, and rheumatoid arthritis could save thousands of dollars on prescriptions under the Inflation Reduction Act, which will help the more than 1.4 million Medicare enrollees who paid more than $2,000 in out-of-pocket costs in 2020. Medicare Part D out-of-pocket costs for prescription drugs will be capped at $2,000 per year beginning in 2025. The bill will also allow out-of-pocket spending to be smoothed over the course of the year beginning in 2025, so patients are not forced to pay the entirety of their out-of-pocket cost all at one time.  

Makes Insulin Accessible And Affordable. Insulin copays for Americans on Medicare will also be capped at $35 each month. 

Puts An End To Outrageous Price Increases. The Inflation Reduction Act stops Big Pharma from raising Medicare drug prices faster than the rate of inflation beginning in 2023. For example, Humira, a medication commonly used to treat rheumatoid arthritis, is one of the nation’s highest revenue generating drugs, raking in $21 billion in sales in 2019. AbbVie, Humira’s manufacturer, has hiked the price of Humira 27 times, including in January 2021 when it raised its cost by 7.4 percent. Over the past 20 years, price increases for brand-name drugs in Medicare Part D have risen at more than twice the rate of inflation.

The Inflation Reduction Act Lowers Health Insurance Premiums

Lowers Health Insurance Premiums for Millions of Americans. A record breaking 14.5 million Americans enrolled in an ACA marketplace plan in 2021. Right now, nearly 13 million people, or 89 percent with an ACA plan, are receiving enhanced premium tax credits, making their coverage affordable and accessible. The Inflation Reduction Act will save the average American family $2,400 a year. 

Caps the Amount of Money Families Pay for Health Insurance. The Inflation Reduction Act ensures families pay no more than 8.5 percent of their income towards coverage. This will help middle and working class families facing excessive premiums or living in high-premium areas. Before the American Rescue Plan, middle class families spent an average of 15 percent of their incomes on health insurance. The subsidies are designed to benefit those who need it most, and they are already means tested, which means the higher your income, the smaller your tax credits become. A family whose health insurance premiums alone — not including deductibles — are less than 8.5 percent of their income receive no tax credits at all. 

Addresses Health Care Equity By Expanding Coverage for Communities of Color. The Center on Budget Policy and Priorities estimates the increased savings continued under the Inflation Reduction Act will cause a sharp decline in the uninsured rate across every racial group, with one in three uninsured Black adults gaining coverage. Prior to the American Rescue Plan, more than 11 million uninsured adults were eligible for premium tax credits, with people of color making up roughly half of the group. The premium savings provided in the American Rescue Plan have made more than 65 percent of uninsured Black adults eligible for zero dollar premium plans and 75 percent eligible for plans less than $50 a month. For uninsured Hispanic and Latino adults, now more than 68 percent are eligible for zero dollar premium plans and nearly 80 percent can access plans for less than $50 a month. Health coverage access is imperative to reducing racial disparities in health coverage across the nation. 

Eliminates Premiums For Low-Wage Workers. The Inflation Reduction Act ensures no American with an income at or below 150 percent of the federal poverty level buying their coverage on the Marketplace will pay a premium.

Cuts Costs For Rural America. Thanks to the provisions in the Inflation Reduction Act, roughly 65 percent of rural Americans will have access to zero dollar premium health coverage and more than 76 percent will be able to find a plan for less than $50 a month, narrowing the coverage differences between rural and urban America.

Additional Resources:

Polling Clearly Demonstrates Americans Support The Inflation Reduction Act 

Big Pharma Drops Over $100 Million Fighting Prescription Drug Price Negotiation

Big Pharma Backed Ads Spread Lies About The Inflation Reduction Act

***MEDIA ADVISORY FOR WEDNESDAY, AUGUST 10 AT 10:00 AM ET***

The Inflation Reduction Act Will Lower Costs, Help Floridians Save on Premiums, and Allow Medicare to Negotiate Drug Prices

Orlando, FL — Today, at 10:00 AM, Rep. Darren Soto will join Protect Our Care Florida along with healthcare advocates to discuss Senate Democrats passing the Inflation Reduction Act, a historic piece of legislation that will lower prescription drug costs and health insurance premiums for millions of Americans. The House is expected to vote on the legislation this week. 

The Inflation Reduction Act of 2022 extends the enhanced premium tax credits for millions of Americans who buy health insurance on their own and gives Medicare the power to negotiate lower prescription drug prices, caps seniors’ out-of-pocket costs for drugs at $2,000 per year, caps insulin costs at $35/month for seniors, and stops Big Pharma’s egregious annual price hikes. These measures will help lower costs for millions of working families and address the deep racial inequities in our healthcare system. 

President Biden and the Democrats have been working tirelessly to pass meaningful health care reform in Congress, and now have a historic opportunity to bring down costs for Floridians, and families across the country.

PRESS CALL:

WHO:
Rep. Darren Soto ( D-FL-9th)
Anne Packham, Marketplace Project Director at Primary Care Access Network
Veronica Salsman, ACA Storyteller
Michael Womack, State Director for Protect Our Care Florida

WHAT: Virtual Press Conference

WHERE: Register to join the Zoom event (Registration required)

WHEN: Wednesday, August 10th at 10:00 AM

Watch the Event Here.

Washington DC — Today, U.S. Representatives Peter Welch (D-VT-AL) and Lauren Underwood (D-IL-14) joined patient advocates and Protect Our Care for a virtual press conference to discuss the Inflation Reduction Act’s critical measures to lower health care premiums and prescription drug costs for the American people.  

The event comes just two days after the Senate passed the Inflation Reduction Act, and now, the House is expected to vote on the historic legislation later this week. The bill lowers health care premiums by extending enhanced premium tax credits for ACA plans for three years and drives down prescription drug prices by giving Medicare the power to negotiate lower costs for millions of Americans, capping seniors’ out-of-pocket costs for drugs at $2,000 per year, and stopping many of Big Pharma’s egregious annual price hikes. This bill will help lower costs for millions of working families and address the deep racial inequities in our health care system. 

“The immediate benefits of this legislation are real,” said Representative Peter Welch (D-VT-AL). “First, we’re going to see the broad benefits that come from Medicare negotiation, and we’re going to be able to use it in a way that is going to protect consumers, taxpayers and employers without harming innovation. Then secondly, we are going to bring immediate financial benefits to seniors on Medicare with a $2,000 cap on drug costs and a $35 monthly cap on insulin. This is going to extend the life of Medicare, this is going to lower costs for taxpayers.” 

“We have a once-in-a-generation opportunity to pass the Inflation Reduction Act and reduce health care and prescription drug costs for millions of Americans,” said Congresswoman Lauren Underwood (IL-14). “My Health Care Affordability Act has significantly lowered health care costs, increased coverage, and improved equity for families by expanding premium tax credits, and the Inflation Reduction Act would continue these historic advancements.”

“Premium savings meant freedom to actually go to the doctor and spend our deductible, and have access to the care we needed as we approached our retirement years. It also meant freedom to consider earlier retirement options and possible career changes,” said Chrysa Otenso, a small business owner from Wisconsin. “It also allowed us to give substantial raises to our employees so that together with the subsidies, they could all finally access affordable health care. For so many in my community these subsidies can mean freedom to open a business, change jobs and follow their dreams.”

“Democrats in Congress are on the cusp of passing the greatest health care achievement since the Affordable Care Act. The Inflation Reduction Act will make a real difference in the lives of millions. By reducing health care premiums and reining in drug prices, President Biden and Democratic lawmakers are making good on their promise to make health care more affordable, accessible, and equitable, ” said Protect Our Care Chair Leslie Dach. “Democrats are fighting against unified Republican opposition and a $100 million lobbying campaign from Big Pharma — but this is an issue of life and death, and Americans are depending on Congress to get this over the finish line.” 

 ***MEDIA ADVISORY FOR TUESDAY, AUGUST 9 AT 3:00 PM MT // 5:00 PM ET***

Event Comes After  the Senate Passed The IRA to Lower Costs, Fight Climate Change, and Transition to a Clean Energy Economy

Denver – Today at 3:00 p.m. MT, Colorado U.S. Senators Michael Bennet and John Hickenlooper will join Coloradans to celebrate Senate passage of the Inflation Reduction Act.  Bennet and Hickenlooper secured critical resources and provisions in the historic legislation to lower health care and prescription drug costs, tackle climate change, reduce the U.S. deficit, and help fight inflation for hard-working Coloradans. The bill is paid for by making wealthy corporations pay their fair share.

Bennet and Hickenlooper will be joined by Coloradans who will benefit from this historic bill, which the U.S. House of Representatives is expected to pass on Friday.

PRESS CALL:

WHO:
Colorado U.S. Senator Michael Bennet
Colorado U.S. Senator John Hickenlooper

WHAT: Press conference to celebrate of Senate passage of the Inflation Reduction Act

WHERE: City Park Pavillion, Denver, CO

Please RSVP to [email protected].

WHEN: Tuesday, August 9, 2022 at 3:00 PM MT // 5:00 PM ET

Yesterday, Senate Democrats overcame unified Republican opposition and a record-breaking lobbying campaign from Big Pharma to pass the most significant health care legislation since the Affordable Care Act (ACA). Along with combating inflation and making key investments in climate and energy, the Inflation Reduction Act of 2022 will drive down health care and prescription drug costs for the American people. By giving Medicare the power to negotiate, capping seniors drug costs, limiting many of Big Pharma’s price hikes, and lowering premium costs, this historic legislation will deliver long-overdue relief to millions of Americans, making health care more affordable, accessible, and equitable. Here’s what Democratic Senators are saying about their historic victory: 

Majority Leader Senator Chuck Schumer: “The Inflation Reduction Act that Senate Democrats delivered will bring down health care costs and lower prescription drug costs.” [8/8/22]

Majority Whip Senator Dick Durbin: “@SenateDems have heard the American people: do something to fight inflation, lower prescription drug prices, and combat the climate crisis. Today’s historic legislation—the Inflation Reduction Act—will do just that.” [8/7/22]

Chair of Policy and Communications Committee Senator Debbie Stabenow: “PASSED! After many long hours, the Inflation Reduction Act has passed. A historic bill to lower the cost of prescription drugs, lower energy costs, address the climate crisis, and create millions of jobs.” [8/7/22]

Chair of Steering Committee Senator Amy Klobuchar: “Hard to put into words how big of a deal it is that we are finally lifting the ban on Medicare being able to negotiate drug prices. Over a decade of fighting. Millions and millions of seniors fought for this. Finally, they’ll have lower costs.” [8/8/22]

Vice Chair of Policy and Communications Committee Senator Cory Booker: “It [the Inflation Reduction Act] contains commonsense reforms that will allow Medicare to negotiate prescription drug prices and cap out-of-pocket costs. We will protect seniors from outrageous prices charged by pharmaceutical companies for lifesaving medications. It also provides an additional three years of Affordable Care Act subsidies which will lower health care premiums for millions of Americans.” [8/8/22]

Secretary of Conference Senator Tammy Baldwin: “After a long weekend of pushing to lower costs for working families, @SenateDems have passed the #InflationReductionAct. Our reforms will close tax loopholes for big corporations, cut the deficit, and lower out-of-pocket costs for prescription drugs & health care premiums.” [8/8/22]

Chairman of Senate Finance Committee Senator Ron Wyden: “I’d like to say a huge thanks and kudos to my staff, especially those on @SenateFinance, who have been working tirelessly to craft this legislation to tackle the climate crisis and lower prescription drug costs. They’re the best in the business and set the bar for public service.“ [8/7/22]

Chairman of Senate Aging Committee Senator Bob Casey: “With the Inflation Reduction Act, families who rely on the ACA for health care plans can breathe easier because the boosted subsidies from the American Rescue Plan would be extended through 2025. Many families would pay little to nothing for their health care premiums.” [8/7/22]

Chair of Senate Commerce Committee Senator Maria Cantwell: “Washingtonians are paying way too much for prescription drugs. For example, the average cost of insulin more than tripled over the past 10 years to over $735 a month per patient. Now, with the passage of the Inflation Reduction Act, Medicare beneficiaries are guaranteed to pay no more than $35 a month.” [8/7/22]

Chair of Small Business Committee Senator Ben Cardin: “Senate Democrats have stepped up and passed legislation that will make it easier for American families to afford health insurance coverage and prescription drugs, while lowering energy costs and boosting job creation in the growing clean energy sector.” [8/7/22]

Chairman of Senate Armed Services Committee Senator Jack Reed: “The Inflation Reduction Act will help working families, lower deficits, create jobs, & boost private investment. For the 1st time, the Senate voted to lower Rx drug costs for seniors by finally giving Medicare bargaining power. It also addresses the climate crisis in a historic way.” [8/7/22]

Chairman of Joint Economic Committee Senator Martin Heinrich: “With the Inflation Reduction Act we are combating the climate crisis, fighting inflation, lowering health care and prescription drug costs, and finally making the tax code fairer so it’s no longer rigged in favor of corporations and the ultra-rich. What a momentous step forward.” [8/8/22]

Chairman of Homeland Security and Governmental Affairs Senator Gary Peters: “Senate Democrats have taken a historic step to lower costs like prescription drug prices, tackle inflation and address working families’ most pressing concerns.” [8/7/22]

Senator Mazie Hirono: “The Inflation Reduction Act will lower costs for families, combat the climate crisis, reduce the deficit, and tackle inflation. Every single Republican just voted against it. Once again, Democrats are delivering for our families while Republicans sit on their hands.” [8/8/22]

Senator Raphael Warnock: “Great news, folks! After a long night, we passed the Inflation Reduction Act. This legislation finally caps drug costs for seniors and helps Georgians save money on their health care, all while reducing the deficit. This is a big win for Georgians!” [8/7/22]

Senator Maggie Hassan: “Prescription prices don’t just ‘go up.’ Big Pharma executives choose to raise them behind closed doors. The Inflation Reduction Act takes on Big Pharma by allowing Medicare to negotiate prescription drug prices – driving down prices across the board.” [8/8/22]

Senator Richard Blumenthal: “Democrats have fought for years to allow Medicare to negotiate drug prices which will result in huge savings for seniors. This bill is the largest investment & most important action to fight climate change in history.” [8/7/22]

Senator Angus King: “The Senate just passed the Inflation Reduction Act – this historic package will lower healthcare and energy costs for Maine people, fight climate change, and reduce the deficit. I’m proud to have supported the bill, and look forward to seeing the incredible impact it will have.” [8/7/22]

Senator Jacky Rosen: “From lowering prescription drug costs for seniors & making health care more affordable, to creating good-paying jobs as we invest in clean energy & our water future, the Inflation Reduction Act is a huge & historic win for Nevada families. I’m proud to have voted YES.” [8/7/22]

Senator Jeanne Shaheen: “Senate Democrats just passed historic legislation that will directly address inflation & make critical investments in working families. This includes my provision to extend ACA tax credits & historic action to combat climate change.” [8/7/22]

Senator Tina Smith: “Like I said before — this is a BIG deal. Senate Democrats got climate, health care, deficit reduction and tax fairness done – without the help of a single Republican.” [8/7/22]

 ***MEDIA ADVISORY FOR TUESDAY, AUGUST 9 AT 2:00 PM ET***

Inflation Reduction Act Includes Historic Measures to Lower Health Care Costs for Millions

Washington, DC — On Tuesday, August 9, 2022 at 2:00 PM ET // 1:00 PM CT, U.S. Representatives Peter Welch (D-VT-AL) and Lauren Underwood (D-IL-14) will join patient advocates and Protect Our Care for a virtual press conference to discuss the Inflation Reduction Act’s critical measures to lower health care premiums and prescription drug costs for the American people.  

The event comes after the Senate passed the Inflation Reduction Act, and now the House is expected to vote on the historic legislation later this week. The bill lowers health care premiums by extending enhanced premium tax credits for ACA plans for three years and drives down prescription drug prices by giving Medicare the power to negotiate lower costs for millions of Americans, capping seniors’ out-of-pocket costs for drugs at $2,000 per year, and stopping Big Pharma’s egregious annual price hikes. This bill will help lower costs for millions of working families and address the deep racial inequities in our health care system. For years, lawmakers have promised to lower health care costs and rein in high drug prices, but President Biden and Democrats are actually getting the job done. 

PRESS CALL:

WHO:
U.S. Representative Peter Welch (D-VT-AL)
U..S. Representative Lauren Underwood (D-IL-14)
Chrysa Otenso, Patient Storyteller from Wisconsin
Leslie Dach, Chair of Protect Our Care

WHAT: Virtual Press Conference

WHERE: Register for the Event Here

WHEN: Tuesday, August 9, 2022 at 2:00 PM ET // 1:00 PM CT

Yesterday, Republicans in the Senate blocked a critical health care provision of the Inflation Reduction Act that would have capped insulin at $35 a month for millions of diabetics with private insurance. For years, Republican lawmakers stood by Big Pharma, fighting any reform that would lower drug prices for the American people. Insulin is a lifesaver for seven million Americans, but as drug companies hike its cost year after year, as many as one in four diabetics are forced to skip or ration their insulin — which can lead to death. 

The latest attempt to undermine the Inflation Reduction Act and keep insulin costs high shows Republicans will stop at nothing to protect drug company profits at the expense of patients. This vote disproportionately hurts people of color, rural Americans, and low-income families who have a harder time accessing quality, affordable coverage. Republicans’ decision to block this bill will undoubtedly put millions of lives at risk. 

Washington Post: Republicans Block Cap On Insulin Costs For Millions Of Patients. “Republican lawmakers on Sunday successfully stripped a $35 price cap on the cost of insulin for many patients from the ambitious legislative package Democrats are moving through Congress this weekend, invoking arcane Senate rules to jettison the measure…’Republicans have just gone on the record in favor of expensive insulin,’ said Sen. Ron Wyden (D-Ore.). ‘After years of tough talk about taking on insulin makers, Republicans have once against wilted in the face of heat from Big Pharma.’” [Washington Post, 8/7/22]

CBS: Senate Republicans Block $35 Cap On Price Of Insulin From Democratic Bill. “Senate Republicans on Sunday blocked a $35 monthly cap on the cost of insulin in the private market from being included in Democrats’ economic tax and spending package, voting down an amendment to the measure during a marathon session leading up to what Democrats hope will be final passage of the bill.” [CBS, 8/8/22]

Rolling Stone: Insulin Will Remain Expensive For Many, Thanks To Republicans. “Democrats had hoped to limit patients’ out-of-pocket cost for insulin to $35 per month as part of legislation to address inflation and climate change. But when the Senate parliamentarian ruled that the provision’s cap on private insurance is not primarily connected to the federal budget, Republicans, led by Sen. Lindsey Graham (R-S.C.), seized their chance to object.” [Rolling Stone, 8/7/22]

Forbes: Inflation Reduction Act: Senate GOP Blocks Insulin Price Cap For Private Insurance As Democrats Aim To Pass Economic Bill. “A provision that would have capped insulin prices for private insurers at $35 a month was blocked by Republicans on Sunday…Republicans argued the insulin price cap did not fall under the rules for reconciliation bills…” [Forbes, 8/8/22]

Axios: Insulin Price Cap For Private Insurers Pulled From Reconciliation Bill. “Senate Republicans blocked the $35 cap on out-of-pocket spending on insulin for patients enrolled in private insurance in the reconciliation package…The drug costs eight times more in the U.S. than 32 other high-income nations, according to a 2020 study commissioned by the Health and Human Services Department.” [Axios, 8/7/22]

ABC: Republicans Strip $35 Insulin Price Cap From Democrats’ Bill — But Insist Senate Rules Are To Blame. “Nearly uniform Republican opposition in the Senate on Sunday stripped a proposed cap on insulin prices in private insurance from Democrats’ party-line climate, health and tax bill…The cap’s scrapping was quickly seized on by Democrats and stirred controversy beyond them, with critics of the GOP citing the sometimes startling cost of needed insulin for diabetics.” [ABC, 8/7/22]

CNN: Democrats Lose Effort To Cap Insulin At $35 For Most Americans Before Passage Of Senate Reconciliation Bill. “The party had pushed to include a measure in their climate and health care package that passed the chamber Sunday that would place a $35 cap on insulin for those on Medicare and with private coverage…but Republicans on Sunday raised a point of order that led to a vote that limited the $35 cap to Medicare beneficiaries only.” [CNN, 8/7/22]

NBC: Republicans Block Cap On Insulin Costs For Many Americans From Democratic Deal. “Republican senators on Sunday voted down a cap on the price of insulin in the private market, removing it from Democrats’ sweeping climate and economic package.” [NBC, 8/7/22]

Los Angeles Times: Senate Democrats Pass Sweeping Healthcare, Tax And Climate Bill. “Republicans succeeded in killing one provision that violated Senate budget rules. It would have capped the price of insulin at $35 a month in the private insurance market.” [Los Angeles Times, 8/7/22]

Yesterday, 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. This bill will help lower costs for millions of working families and address the deep racial inequities in our health care system.

Despite unified Republican opposition and record spending from Big Pharma and other special interests, Senate Democrats got the job done. Coverage makes clear that the Inflation Reduction Act’s health care provisions will benefit millions of families for years to come. 

New York Times: Senate Passes The Climate, Health And Tax Bill, With All Republicans Opposed. “The Senate passed legislation on Sunday that would make the most significant federal investment in history to counter climate change and lower the cost of prescription drugs, as Democrats banded together to push through major pieces of President Biden’s domestic agenda over unified Republican opposition…It would achieve Democrats’ longstanding goal of slashing prescription drug costs by allowing Medicare for the first time to negotiate the prices of medicines directly and capping the amount that recipients pay out of pocket for drugs each year at $2,000. The measure also would extend larger premium subsidies for health coverage for low- and middle-income people under the Affordable Care Act for three years” [New York Times, 8/8/22]

Washington Post: Senate Approves Inflation Reduction Act, Clinching Long-Delayed Health And Climate Bill. “The bill also includes $64 billion to stave off health insurance premium increases for about 13 million Americans who buy coverage through state and federal exchanges under the Affordable Care Act. These beneficiaries currently receive discounted coverage under a coronavirus-era program set to expire this year, threatening them with premium increases into hundreds of dollars next month.” [Washington Post, 8/7/22]

Bloomberg: Senate Passes Democrats’ Landmark Tax, Climate, Drugs Bill. “Medicare would be allowed to negotiate drug prices, starting with 10 high-priced drugs by the middle of this decade and expanding from there. It would cap out-of-pocket drug costs for seniors enrolled in Part D at $2,000 per year. The Senate parliamentarian spared drugmakers any penalties for increasing prices in the commercial market. The savings to Medicare will be used to pay for three years of subsidized Obamacare premiums.” [Bloomberg, 8/7/22]

Axios: Biden’s BFD. “Joe Biden has defied expectations, earning a legacy as a president who got big things done with a deeply divided Congress…”It will join a list of hard-fought legislation shaping the U.S. economy, society and foreign policy for decades to come. [Axios, 8/8/22]

Wall Street Journal: Senate Passes Democrats’ Climate, Healthcare And Tax Bill. “The bill’s prescription drug plan would for the first time empower Medicare to negotiate the prices of a limited set of drugs selected from among those that account for the biggest share of government expenditures, long a goal for lawmakers. It would also cap out-of-pocket drug costs for Medicare beneficiaries at $2,000 a year beginning in 2025, and starting next year mandate free vaccines for Medicare enrollees. It would cap insulin costs for Medicare patients at $35 a month starting next year. Subsidies for purchasing health insurance through the ACA, which Democrats passed into law in 2021, would continue through 2025…” [Wall Street Journal, 8/7/22]

STAT: In A Massive Victory For Democrats, Medicare Is Poised To Negotiate Drug Prices. “The reform is a stunning defeat for the pharmaceutical industry, which has invested a staggering amount of money to get its way in Washington, and which launched a seven-figure campaign last month to try to stop this effort. Allowing Medicare to negotiate drug prices has been the sector’s third rail for two decades.” [STAT, 8/7/22]

Associated Press: What’s In Democrats’ Big Bill? Climate, Health Care, Savings. “Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window. Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults…the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.” [Associated Press, 8/7/22]

CNN: Senate Passes Democrats’ Sweeping Health Care And Climate Bill. “The bill would empower Medicare to negotiate prices of certain costly medications administered in doctors’ offices or purchased at the pharmacy. The Health and Human Services secretary would negotiate the prices of 10 drugs in 2026, and another 15 drugs in 2027 and again in 2028. The number would rise to 20 drugs a year for 2029 and beyond…Democrats are also planning to extend the enhanced federal premium subsidies for Obamacare coverage through 2025, a year later than lawmakers recently discussed. That way, they wouldn’t expire just after the 2024 presidential election.” [CNN, 8/7/22]

NBC: Senate Passes Sweeping Climate, Health And Tax Package, Putting Democrats On Cusp Of Historic Win. “The legislation would empower Medicare to negotiate prices with drug companies for the first time, cutting prescription drug prices for people 65 and older. The savings would help pay for a three-year extension of Affordable Care Act subsidies, which would stave off an expected rise in insurance premiums that were set to go into effect in 2023.” [NBC, 8/7/22]

Huffington Post: Senate Democrats Pass Sweeping Climate And Health Care Bill. “The bill would also enact a change Democrats have sought for more than a decade ― to allow Medicare to negotiate with drug companies over the prices of prescription drugs. That kind of haggling was outlawed in the 2003 Part D prescription drug benefit bill passed by Republicans. A separate provision of the legislation would extend a temporary set of subsidies for the Affordable Care Act that reduce the price of insurance that people buy directly through HealthCare.gov, or through state-run insurance exchanges like Pennsylvania’s “Pennie” and Connect for Health Care Colorado. For some insurance buyers, the subsidies lead to savings of hundreds or even thousands of dollars a year.” [Huffington Post, 8/7/22]

USA Today: Senate OKs Sweeping Bill Lowering Drug Prices And Promoting Clean Energy, Setting Up Major Biden Win. “The bill would allow Medicare to negotiate prescription drug prices – long opposed by the pharmaceutical industry – and extend Affordable Care Act subsidies three more years through 2025.” [USA Today, 8/7/22]

Los Angeles Times: Senate Democrats Pass Sweeping Healthcare, Tax And Climate Bill. “The drug-price plan is the centerpiece of the Democrats’ bill, the Inflation Reduction Act of 2022…The enactment of the Medicare drug negotiation policy — which Democrats have been pushing for nearly two decades — would mark a significant accomplishment that is likely to be popular with voters who are eager to go after drugmakers. It amounts to the most substantial change in healthcare policy since the Affordable Care Act was passed in 2010.” [Los Angeles Times, 8/7/22]

Forbes: Health Insurers And 13M Enrollees Cheer Senate’s Extension Of Obamacare Credits. “The U.S. Senate’s passage of the Inflation Reduction Act Sunday extends subsidies for millions of Americans who buy individual coverage under the Affordable Care Act known as Obamacare.” [Forbes, 8/7/22]

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.” 

Republicans Put Millions of Lives in Jeopardy By Voting Against Insulin Cost Cap

Washington, DC — Today, Republicans in the Senate blocked a critical health care provision of the Inflation Reduction Act. The amendment would have capped insulin at $35 a month for millions of diabetics with private insurance. In response, Protect Our Care Chair Leslie Dach issued the following statement: 

“The Republican vote today will cost lives. Far too many diabetics in the U.S. are forced to ration or skip doses because of the outrageous price of insulin. Millions more have to choose between paying for food or rent because they cannot afford the drug they need to stay alive.  Make no mistake today Republicans chose big drug company greed over the needs of the American people.”