2024 is bringing another round of health care savings for millions of families across the nation. Yesterday, a new provision of the Inflation Reduction Act took effect: a total spending cap on prescription drug costs for millions of seniors. This year, seniors will see new limits on out-of-pocket spending for their prescriptions, and next year they will pay no more than $2,000 on drugs across the board. According to the Kaiser Family Foundation, this particularly helps seniors with serious conditions like cancer and Multiple Sclerosis. Seniors will also continue to save on insulin and vaccines as the Biden administration continues to implement the Inflation Reduction Act. Here are some key ways Americans will save on their health care in 2024:
President Biden and Democrats in Congress have made lowering health care costs a top priority, and they have delivered on their promise. By passing the Inflation Reduction Act, Democrats extended premium tax credits on the Affordable Care Act (ACA) marketplaces, capped insulin costs for seniors at $35 per month, made shingles and other essential vaccines free, and protected people on Medicare from outrageous price hikes. Together, these provisions are already saving families thousands of dollars on their health care costs. President Biden has also begun implementing the Inflation Reduction Act’s Medicare Drug Price Negotiation program, which will lower costs on some of the costliest medications on the market.
Democrats are only building on this momentum to get Americans the health care they deserve. The Biden administration announced that a record 15.3 million Americans have already signed up for 2024 health coverage through the ACA marketplaces, and millions more are expected to enroll in coverage before the January 15 deadline.
This all comes as Donald Trump has renewed calls to “terminate” the ACA, doubling down on his threats against American health care as recently as Christmas Day. Once again, the likely Republican nominee is running on ACA repeal — even as the health care law is more popular and covers more people than ever before. Republicans have also vowed to repeal all of the Inflation Reduction Act’s health care savings for seniors. Read more on Republicans’ threats to health care here.