Nick Begich Opposed The Inflation Reduction Act, Which Lowered Healthcare Costs By Capping Prescription Costs, Including A $35 Cap On Insulin Costs
Begich Opposed The Inflation Reduction Act. Moderator: “Do you support the passage of the Inflation Reduction Act, August of 2022?” In response, Begich held up a sign reading, “No.” [YouTube, Anchorage Daily News, [24:34], 8/31/22] (VIDEO)
2020: The Inflation Reduction Act “Would Have Saved” Over 1K Alaskans “Roughly $598 Per Year In Lower Out-Of-Pocket Costs.” “The Inflation Reduction Act lowered prescription drug costs for Medicare enrollees by capping insulin co-pays at $35 a month beginning earlier this year. Had these caps been in place in 2020, 1,026 people in Alaska would have saved roughly $598 per year in lower out-of-pocket costs.” [Joint Economic Committee Democrats, 8/1/23]
2023: Over 25K Alaskans “Saved An Average Of $622 On Their ACA Exchange Plans.” “The [IRA] also helped lower health insurance premiums for nearly 15 million low- and middle-income Americans by extending enhanced premium tax credits for Affordable Care Act (ACA) exchange plans. In Alaska, 25,572 people saved an average of $622 on their ACA exchange plans this year.” [Joint Economic Committee Democrats, 8/1/23]
The IRA Lowered Healthcare Costs By Capping Prescription Costs, Including A $35 Cap On Insulin Costs
The IRA Capped Annual Prescription Costs For Medicare Recipients At $2,000. The IRA capped annual prescription drug costs for people on Medicare at $2,000 per annum. [Augusta Chronicle, 8/17/22]
The IRA Allows Medicare To Begin Negotiating The Prices Of Certain Drugs Beginning In 2026. The Inflation Reduction Act allows Medicare to begin negotiating the prices of certain drugs beginning in 2026. [Augusta Chronicle, 8/17/22]
The Inflation Reduction Act Will Cut Prescription Drug Prices. The Inflation Reduction Act will cut prescription drug prices. The bill caps annual out of pocket prescription drug costs at $2,000 per year. [Congressional Joint Economic Committee, 8/12/22]
The IRA Improves The Affordability Of Healthcare In Medicare And ACA Marketplaces. The IRA includes “provisions to improve the affordability of healthcare for Medicare and Affordable Care Act (ACA) Marketplace enrollees.” [CHIRBlog, 8/12/22]
Center for Budget And Policy Priorities: The Inflation Reduction Act Will Lower Medicare Costs. “The bill will reduce Medicare’s drug costs in several ways. It will require the federal government to negotiate with manufacturers to obtain lower prices for some high-cost drugs, require drug companies to pay rebates to Medicare if their prices rise faster than overall inflation, and repeal a Trump Administration rule on drug rebates. The bill will also improve Medicare’s drug benefit by placing a $2,000 annual limit on out-of-pocket drug spending, capping out-of-pocket insulin expenses at $35 a month, eliminating cost sharing for vaccines, and expanding eligibility for the low-income drug subsidy. Currently there is no limit on total out-of-pocket or insulin spending. In total, these changes will save the government about $250 billion over ten years and will also lower premiums and cost sharing for Medicare beneficiaries.” [Congressional Joint Economic Committee, 8/12/22]
The Inflation Reduction Act Allowed Medicare To Negotiate Drug Prices. “The Inflation Reduction Act allows the federal government to negotiate prices for some of the drugs that Medicare spends the most money on, a long sought-after goal by Democrats and some Republicans.” [NBC News, 8/16/22]
The Inflation Reduction Act Capped The Cost Of Insulin At $35 Per Month For Patients On Medicare. “The Inflation Reduction Act, signed into law by President Joe Biden, is set to lower the cost of prescription drugs - including cancer medications, blood thinners and insulin - for millions of Americans, experts say. […] The cost of insulin will be capped at $35 a month for patients on Medicare under the new law.” [NBC News, 8/16/22]
The IRA’s Drug Pricing Provisions Would “Save Medicare Hundreds Of Billions Of Dollars Over 10 Years” Which Would “Encourage Pharmaceutical Companies To Keep Price Increases To No More Than The Rate Of Inflation.” “The legislation would save Medicare hundreds of billions of dollars over 10 years, with the majority of the savings coming as a result of prescription drug price negotiations and the rebates that would encourage pharmaceutical companies to keep price increases to no more than the rate of inflation, according to an analysis by the nonpartisan Congressional Budget Office.” [AARP, 8/7/22]
IRA Drug Pricing Provisions Will Allow Many Seniors To “Get The Same Medications They Do Now” But Would “Cost Them And Medicare Less.” The access to the same medication and lower costs “means beneficiaries would be able to get the same medications they do now, but some of those drugs would cost them and Medicare less. The savings would not be the result of any cuts to the Medicare program.” [AARP, 8/7/22]
Health Affairs: “The IRA Is Likely To Be Transformative For The Medicare Program, Both In Its Protections For Patients And In Its Elements Designed To Lower Prices Over Time.” “Even though its negotiation provisions have been narrowed from previous versions of the Democrats’ proposals, the IRA is likely to be transformative for the Medicare program, both in its protections for patients and in its elements designed to lower prices over time. But it will have a much smaller impact on patients needing high-cost drugs who are not eligible for Medicare.” [Health Affairs, 8/10/22]
Drug Price Negotiation Was Estimated To Save $288 Billion. “these negotiations are poised to save Medicare a lot of money, since the prices are currently set by manufacturers. These savings - as well others generated by additional prescription drug provisions - are being treated as $288 billion in new revenue that will be brought in over 10 years, according to a Congressional Budget Office estimate.” [Vox, 7/28/22]