Several of Rep. Craig’s key health care priorities, including extension of ACA tax credits, Medicare drug price negotiation, annual cost cap for seniors’ out of pocket drug costs and a $35/month limit on the cost of insulin for Medicare beneficiaries were included in the legislation
WASHINGTON, DC – Today, U.S. Representative Angie Craig released the following statement on the House passage of the Inflation Reduction Act.
"Today, my colleagues and I passed the Inflation Reduction Act, legislation that takes historic stepsto lower health care costs for Minnesotans," said Representative Craig. "I'm pleased that the final bill caps the out-of-pocket cost of insulin for Medicare patients at $35 per month, extends the ACA tax credits and caps drug costs for seniors. In addition, Medicare will finally be allowed to negotiate its price on certain drugs. These have been key priorities on behalf of my constituents during my time in Congress."
The Inflation Reduction Act is historic legislation that will lower costs for working families, expand access to high-quality and affordable health care, invest in renewable energy and American energy independence while reducing the deficit.
Specifically, the Inflation Reduction Act will:
- Lower health care costs by:
- Capping the out-of-pocket cost of insulin for Medicare beneficiaries at $35/month
- Extending Affordable Care Act tax credits through 2023, making health insurance more affordable for the millions of people who are insured through the individual marketplace
- Allowing Medicare to negotiate for cheaper prescription drug prices for certain drugs and capping out-of-pocket prescription costs for Medicare beneficiaries at$2,000 per year
- Requiring pharmaceutical companies to pay a rebate to Medicare if they raise drug prices faster than inflation
- Make the single largest American investment to mitigate climate disasters by:
- Investing nearly $400 billion over 10 years in tax credits aimed at making electric vehicles more affordable for consumers and pushing electric utilities toward renewable energy sources like wind or solar power
- Allocating the largest investment ever in homegrown biofuels infrastructure like ethanol and biodiesel
Issues: Government Reform Health Care Jobs and Economy
Original source can be found here.
