House is Scheduled to Vote on Critical Legislation Tomorrow
Woodbridge, NJ – Congressman Frank Pallone, Jr. (NJ-06) held a press conference today in Woodbridge with local elected leaders and health care advocates on the Inflation Reduction Act. The bill will lower prescription drug costs for seniors by finally empowering Medicare to negotiate the cost of prescription drugs, capping the amount seniors pay at $2,000 annually, and capping the amount seniors pay for insulin at $35 per month. It requires drug manufacturers to pay a rebate to Medicare if they increase their prices faster than the rate of inflation. It will also dramatically lower the cost of monthly health insurance premiums for millions of Americans by extending Affordable Care Act Marketplace subsidies through the end of 2025.
“The Inflation Reduction Act is one of the most significant pieces of health care legislation to move through Congress in over a decade. It finally breaks Big Pharma’s monopoly on prescription drug prices. No one should have to choose between paying for lifesaving medications or food and rent,” said Pallone. “Importantly, it will help ensure seniors are no longer ripped off at the pharmacy counter by capping both their annual out-of-pocket drug spending as well as how much they can be charged for insulin. It also penalizes Big Pharma companies for unfairly hiking prices on seniors.
“The Inflation Reduction Act will also dramatically lower the cost of monthly health insurance premiums for millions of Americans and provide families with the peace of mind that comes with knowing they have high-quality health care coverage. Five million Americans have gained access to health care coverage over the last two years thanks to Democrats’ efforts to make it more affordable. I’m grateful to everyone who joined us today, and I’m looking forward to casting my vote in support of this bill.”
“Woodbridge Township stands in partnership with Congressman Frank Pallone’s leadership in moving passage of the long-awaited Inflation Reduction Act which will transform health care benefits for not only the Senior residents of Woodbridge, but Senior residents across the nation. Our Senior residents will benefit from the act as it is geared to lower prescription drug costs for our Seniors by finally empowering Medicare to negotiate the cost of prescription drugs and capping the amount Seniors pay at $2,000 annually. It will also dramatically lower the cost of monthly health insurance premiums for Woodbridge Township residents by extending Affordable Care Act Marketplace subsidies through the end of 2025,” said Mayor John E. McCormac. “We are extremely proud to have served as the host community for the Congressman’s announcement with more than one-hundred Senior members of the Evergreen Senior Center in attendance.
“This moment is the culmination of years of work by Chairman Pallone and Democrats in Congress. Without the leadership of Chairman Pallone this bill would not be on the House floor tomorrow. All of us owe him a debt of gratitude. The Inflation Reduction Act will be a game-changer for millions of people: Medicare will have the power to negotiate for lower drug prices, seniors will no longer have to choose between paying the bills and affording lifesaving prescriptions, middle class families will save on their health insurance premiums and be able afford care, and many will have health insurance for the first time,” said Leslie Dach, Founder and Chair of Protect Our Care. “And all of this at a time when Americans are looking for relief from rising prices. By passing the Inflation Reduction Act, Democrats are demonstrating their commitment to ensuring that affordable, accessible, and equitable health care is a reality for every American.”
“On behalf of our 1.2 million Garden State members and all older New Jersey residents, AARP New Jersey applauds Chairman Pallone for his unwavering leadership and dedication to championing legislation that will finally deliver real prescription drug price relief for millions of older Americans,” said Evelyn Liebman, AARP New Jersey Director of Advocacy. “This legislation will help bring down costs for seniors and families, helping them afford the medicines they need to stay healthy. We have been working for nearly two decades to allow Medicare to negotiate the price it pays for medications. We can't overstate what a monumental improvement this prescription drug package will be for older Americans struggling to afford their medications. We are now urging the House to move quickly and enact this momentous reform.”
“With the current levels of the cost of living and income inequality, the healthcare reforms in the Inflation Reduction Act will bring much-needed savings to New Jerseyans,” said Laura Waddell, Health Care Program Director at NJ Citizen Action. “Allowing Medicare to negotiate prescription drug prices means families won’t have to choose between groceries or medicine. Extending the ACA insurance premium subsidies will help solidify the recent strides we’ve made in health coverage and keep it affordable for millions of Americans. Thank you to Congressman Pallone and the rest of the New Jersey Democratic Congressional Delegation for fighting for these important and historic policies.”
The Inflation Reduction Act includes a number of key provisions that were originally authored and introduced by Pallone, who is the Chairman of the Energy and Commerce Committee, and other health leaders in the House before being passed in the House of Representatives last November.
Lowering Prescription Drug Costs for Americans:
The Inflation Reduction Act will rein in the soaring cost of prescription drugs and cap out-of-pocket costs for millions of seniors. Many of the key provisions in the Inflation Reduction Act to lower prescription drugs costs were first proposed by Pallone, Ways and Means Chairman Richard E. Neal (D-MA), and Education and Labor Chairman Robert C. “Bobby” Scott (D-VA) in H.R. 3, the Elijah E. Cummings Lower Drug Costs Now, which was introduced in September 2019.
Expanding Affordable Care Act (ACA) & Lowering Health Care Costs:
The Inflation Reduction Act also makes health care more affordable for millions of Americans by extending through 2025 ACA affordability assistance first included in the American Rescue Plan last year. The landmark law provided financial assistance for more people by enhancing ACA Marketplace premium subsidies for lower-income and middle-income Americans for 2021 and 2022. This ACA provision was first introduced by Chairmen Pallone, Neal, and Scott in March 2018.
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