Details about the recently approved Federal Inflation Reduction Act have emerged.
Oregon U.S. Representative Suzanne Bonamici (OR-01) has released two reports detailing how thousands of people in northwestern Oregon will immediately cut their health care costs under the law. .
Bonamici says the savings come in two areas.
- More affordable prescription drugs for Medicare recipients.
- Reduce health insurance premiums for those who receive coverage through the ACA Marketplace.
“These savings will make a meaningful difference to families and personal lives, alleviating the pressure of costs that have been too high for too long,” Bonamisi said.
Benefits of the Reducing Inflation Act for residents of Oregon’s First Congressional District include:
By extending a key tax credit that expires this year, the Reducing Inflation Act will reduce the approximately 21,000 people in districts currently enrolled in subsidized market health insurance through the Affordable Care Act to an average of 1,290 next year. Helps you save dollars in insurance premiums.
Thanks to the Inflation Reduction Act, a family of two adults and two children in the district with a household income of $75,000 will save $2,832 in premiums next year.
A single parent household with 1 adult, 1 child, and a household income of $30,000 will save $1,260 on premiums next year.
A household with two adults over the age of 60 with a joint income of $70,000 will save $14,772 in premiums next year.
Reduce prescription drug costs
The Reducing Inflation Act limits annual out-of-pocket costs for Medicare beneficiaries on prescription drugs covered by Medicare Part D to $2,000 annually after 2025. Out-of-pocket costs for the estimated 4,000 Medicare Part D recipients in the district were over $2,000. 2020.
For the estimated 6,900 Medicare beneficiaries receiving insulin in the district, the new law will limit monthly out-of-pocket costs for insulin products to $35 per month, saving approximately $1,300 per person per prescription per year.
The Inflation Control Act finally allowed the government to negotiate lower drug prices with the pharmaceutical industry. If the Suppress Inflation Act’s drug pricing provisions were fully enforced in 2020, he would:
- The total cost of prescriptions filled by district Medicare beneficiaries could be about $31 million lower.
- District Medicare beneficiaries could have saved approximately $10 million in reduced premiums and out-of-pocket costs.
According to Bonamisi, the urgent need for these reforms is demonstrated by the Commission on Oversight and Reform’s groundbreaking drug pricing study, which shows how the pharmaceutical industry’s unchecked pricing practices have led to price spikes and runaways for Americans. It became clear that it would be costly.
A report on the benefits of the Inflation Reduction Act’s health insurance provisions for residents of Oregon’s First District is included below this article.
A report on the benefits of the Inflation Reduction Act Medicare drug pricing provisions for residents of Oregon’s First District can be found below this article.
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