The Law’s Future Depends on November Elections
Washington, DC: Today, on the second anniversary of the passage of the Inflation Reduction Act of 2022–a law that made historic reforms in Medicare, investments in addressing climate change and improvements in the federal code–Margarida Jorge, Executive Director of Health Care for America Now Education Fund (HCANEF), released this statement:
“The Inflation Reduction Act is the most significant progress on making health care more affordable and reining in corporate price-gouging since the passage of the Affordable Care Act in 2010. Yesterday’s announcement that Medicare negotiations–a key feature of the law-will save Medicare enrollees $1.5 billion on prescriptions in 2026 and will save taxpayers $6 billion is more evidence that these long overdue reforms are working. Over 9 million people in Medicare currently take at least one of the drugs that will have lower negotiated prices.
But we don’t have to wait until 2026 to see progress: already, millions are benefitting from this law. Thanks to the IRA, 1.5 million Medicare patients are now saving on average $501 annually because of the $35 per month insulin cap and over 10 million seniors on Medicare have received free shingles vaccines. The law has also stopped drug corporations from raising their prices faster than inflation.
Moreover, millions more Americans have gotten affordable health care coverage under the ACA thanks to the IRA’s continuation of enhanced premium tax credits. Providing more generous tax credits to buy coverage has led to record enrollment in the ACA. Over 90% of the 21,446,150 enrollees received tax credits last year. The Inflation Reduction Act saves an average middle class family $6,604 on their yearly premiums.
This is incredible progress, but none of it is guaranteed. Despite tremendous bipartisan public support for these policies, opponents of the Inflation Reduction Act, including the prescription drug corporations and some members of Congress continue to try and overturn the law rather than comply with implementation of it.. Ultimately, it’s up to voters to safeguard these historic reforms by electing leaders who will implement and build on these reforms rather than repeal them.”