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Key Provisions of the Inflation Reduction Act Take Effect Jan. 1

By December 30, 2022March 30th, 2024No Comments

Millions of Americans ring in 2023 with prescription drug savings and lower insurance premiums

WASHINGTON – In recognition of the new provisions of the Inflation Reduction Act that go into effect this Sunday, Health Care for America Now (HCAN) Executive Director Margarida Jorge released the following statement:

“Three long-awaited provisions of the recently passed Inflation Reduction Act (IRA) take effect on January 1 that will save Americans money on health care costs, a top economic priority for many households. The new law saves millions of Medicare enrollees money on their prescriptions and will finally hold drug corporations accountable for raising prices faster than inflation. These improvements to Medicare are among the most popular policies in the country and in the new IRA law that will be implemented in phases over the coming six years.

“Democrats in Congress stood up the Big Pharma lobby in 2022 so that come New Year’s day, Medicare enrollees will finally see a $35 monthly cap on the out-of-pocket cost of insulin, no out-of-pocket costs for any vaccines, and new rules that require drug companies that price-gouge by raising prices faster than inflation to pay the excess amount back to Medicare in the form of a rebate rather than forcing taxpayers and patients to absorb the excess costs as we’ve seen for years past. In addition, 13 million people who get coverage under the Affordable Care Act will save about $800 per year thanks to the new law that extends premium support to working families. Another three million people who are uninsured will be able to gain affordable coverage to take care of themselves and their families.

“As everyday Americans continue to list inflation as a top concern, the IRA will ensure that seniors and people living with disabilities can afford their health care and the medicines they need to stay healthy, particularly in moments when COVID spikes and the economy falters. Though there are more battles left to win in the fight to secure affordable health care for all, there is much to celebrate this new year. We look forward to working with the Biden administration and our new Congress on the rollout of more life-saving IRA provisions in the year to come.”