President Joe Biden signed into law the Inflation Reduction Act (IRA), which caps health insurance subsidies, future negotiations on Medicare drug prices, and insulin costs for Medicare recipients.
Biden called it one of the most important laws in American history “won by the American people and lost by special interests” amid reforms on healthcare, climate change and taxes. He spoke at the White House signing ceremony as it aired on whitehouse.gov and met with Senate Majority Leader Chuck Schumer (D-D, New York) and Rep. James E. Cliburn (D-South Carolina). ) was the whip of the House majority.
Physician groups and medical analysts generally applaud the impact the law will have on health insurance and Medicare drug prices. The President elaborated on several clauses that are already in the news.
- Medicare prescription drug costs will be capped at an estimated $4,000 annually in 2024 and $2,000 annually beginning in 2025.
- An estimated 13 million people can continue to save on health insurance through premium subsidies for policies purchased through the Affordable Care Act Marketplace.
- Insulin costs for diabetes Medicare beneficiaries are limited to $35 per month.
The American Medical Association (ACP) IRAs It is passed by the House of Representatives and signed into law. The bill includes many of the policies that the ACP has long advocated and will be signed into law by the president, which he says will make it easier for millions of Americans to access the health services and treatments they need. His ACP statement, issued Aug. 15, the day before, said:
“The ACP strongly supports the Affordable Care Act’s provision to extend subsidy increases for health insurance plans purchased on exchanges. Because we can,” said the university’s president, Ryan D. Mire. MD, FACP said in a statement.
“We also support provisions to help Medicare beneficiaries better buy the medicines they need,” Maia said. “Allowing Medicare to negotiate lower drug prices with drug manufacturers and limiting the cost of insulin for beneficiaries is a need that the ACP has long championed as a tactic to address rising prescription drug costs. Finally, changes to fund clean energy projects and reduce carbon pollution will help mitigate climate change and keep the planet healthy enough to support healthy humans. It is an essential step in
Dr. Avenel Joseph, vice president of policy at the Robert Wood Johnson Foundation, MS said the IRA “is an important milestone in the fight to ensure access to quality and affordable healthcare.” I’m here.
“This is a major achievement towards developing policies that improve people’s lives,” Joseph said in a statement released. “Keeping healthcare affordable will make it more accessible to people when they need it. But this is only a first step in the right direction. “We must do more to create a just country where everyone has the chance to live the healthiest life possible, wherever they live and how much they earn.”
Joseph is committed to providing insurance to the approximately 4 million uninsured adults, including at least 2.4 million people of color, 500,000 people with disabilities, and approximately 1 million older Americans. called for legislative action. They are not covered by Medicaid because of the state they live in, according to the foundation.
Congress needs to update the expanded child tax credit, create national standards for family and medical leave, and create affordable and stable housing, Joseph said. He and his RWJF president The Hill About what the IRA was.
Commonwealth Fund leaders used the word “milestone” to describe the impact of making health care more accessible and affordable for people. The bill would provide her with ACA premium subsidies, lowering prescription drug prices and out-of-pocket costs for Medicare beneficiaries, said Lovisa Gustafsson, vice president of the Healthcare Expense Management Fund, and senior researcher and vice president of health care. said Sara R. Collins of Tracking coverage and access and health system performance.
“This historic measure will significantly reduce health care costs for millions of self-insured Americans and many Medicare beneficiaries,” they said in a summary released Aug. 15. said. On the ACA Marketplace, the cost of insurance premiums is the most frequently cited reason people do not purchase or withdraw coverage. Advances in prescription drugs are a breakthrough in making prescription drugs more affordable for Medicare patients, and may pave the way for future reforms.
On August 15, the White House released the IRA’s summary, “By The Numbers,” providing various facts and figures related to health care and other parts of the bill.
In the “Beat certain interests” section it states:
$187 million: How much the pharmaceutical industry spent on lobbying in 2022
- 1,600: The number of drug lobbyists in 2021, three times as many as members of Congress
- 33 years: The period when Congressional Democrats tried to lower the cost of prescription drugs by allowing Medicare to negotiate prices
- 19 years: How long Medicare has been blocked from negotiating prescription drug costs