Over the weekend, the Inflation Reduction Act passed in the U.S. Senate. Antoinette Kraus, Executive Director of the Pennsylvania Health Access Network, released the following statement in response:
“The passage of the Inflation Reduction Act in the U.S. Senate is a huge win for hardworking Pennsylvania families struggling to pay for their healthcare costs. If passed by the U.S. House, the Inflation Reduction Act will put money back in the pockets of Pennsylvanians by lowering prescription drug prices and preventing health insurance premiums from skyrocketing, all while reducing the deficit.
If it becomes law, the Inflation Reduction Act will give Medicare the power to negotiate prices with drug corporations for the first time, cap what seniors on Medicare pay out-of-pocket for medicines, and establish penalties for raising the price of prescription medicines faster than the rate of inflation. It will also cap what people on Medicare pay for Insulin, a commonly used – and lifesaving – treatment for diabetes. We are disappointed that the cap on Insulin will not apply to people with private insurance.
In addition to the landmark drug pricing reforms, the 375,000 Pennsylvanians who purchase their health insurance through Pennie.com will avoid skyrocketing health insurance premium costs in 2023, when the enhanced tax credits for health insurance plans established through the American Rescue Plan Act were set to expire.
We applaud Senator Casey for voting to save Pennsylvanians money on their life-saving medications and on their health coverage, and we are disappointed that Senator Toomey chose to vote against this historic legislation. It’s now up to the U.S. House to move quickly to send the Inflation Reduction Act to President Biden’s desk.”