Washington, D.C. — Today, U.S. Representative Jan Schakowsky (D-IL-09) and health care advocates joined Protect Our Care for a virtual press conference discussing how millions of seniors will benefit from the Inflation Reduction Act’s provisions to drive down prescription drug costs. Speakers also highlighted how the historic legislation works to drive down premium costs for millions of Americans.
The event comes as Protect Our Care is continuing to highlight the Inflation Reduction Act’s critical measures to drive down health care costs, reduce prescription drug prices, and combat racial disparities in care. This week, Protect Our Care is focusing on how the bill reduces health care premiums for 13 million families purchasing coverage on the Affordable Care Act (ACA) marketplaces. More information on Protect Our Care’s Inflation Reduction Act theme weeks can be found here.
“Since the Affordable Care Act, the Inflation Reduction Act is the greatest advancement that we have seen in American health care, and millions and millions of people are going to benefit from it,” said U.S. Representative Jan Schakowsky. “Big Pharma’s greed has no limit, and they will charge what they can — until now. We need lower costs. We need negotiation. We need to say that the pharmaceutical companies are going to be limited in how much they can charge for medication. Now, we’re putting the brakes on what Big Pharma can do.”
“The Inflation Reduction Act is a game-changer for our nation’s seniors,” said Protect Our Care Communications Director Anne Shoup. “As soon as next year, folks will begin to reap the benefits of this historic legislation through lower drug prices, premium savings, and more. Thanks to President Biden and Democrats in Congress, not only will seniors and families save thousands of dollars a year, but they will also be able to access the health care they need and deserve.”
“The Inflation Reduction Act will bring down the cost of health care for millions of seniors, and I’m one of them,” said Doug Hart, a member of the Arizona Alliance for Retired Americans. “I have Medicare, but the amount I currently still have to pay out of pocket for my prescription drugs is $6,500 a year. I’m one of the 49 million seniors that will see relief after having out-of-pocket costs for prescription drugs capped at $2,000 per year. Capping annual out-of-pocket under Part D will eliminate a major source of anxiety for me.”
“Without the Inflation Reduction Act, health insurance costs in West Virginia would have shot up by a staggering 63%. For our teeny tiny state, West Virginians are saving more than $36 million just from this single extension,” said Dr. Jessica Ice, Executive Director of West Virginians for Affordable Health Care and patient storyteller from West Virginia. “In addition, it is estimated that there will be 5000 fewer uninsured West Virginians in 2023 than if the act had not passed. For us, that’s more than just a nice statistic. It really shows how the Inflation Reduction Act translates into people’s lives.”