Washington, DC -— On July 30, 1965, President Lyndon B. Johnson signed Medicare and Medicaid into law, improving the well-being of millions of Americans and saving countless lives along the way. President Biden and Democrats in Congress delivered the Inflation Reduction Act to strengthen Medicare and lower costs for millions of seniors and people with disabilities. By capping insulin copays at $35 per month, providing free vaccines, and stopping drug companies’ egregious price hikes, the new legislation is already working for people on Medicare. Soon, seniors’ drug costs will be capped at $2,000 annually, and Medicare will finally be able to negotiate lower drug prices. Already, research shows that people on Medicare are more likely to fill their insulin prescriptions thanks to the new law.
Democrats stopped radical Medicaid cuts proposed by Republicans in Congress and are fighting to close the coverage gap in the 10 remaining states that continue to reject Medicaid expansion. To mark the anniversary weekend, Protect Our Care Executive Director Brad Woodhouse issued the following statement:
“The 58th anniversary comes during a historic moment for Medicare and Medicaid, which have served as the foundation of our entire health care system for nearly six decades. President Biden and Democrats in Congress have been laser-focused on lowering costs and improving health care for those who need it most, including families on Medicaid, seniors, and people with disabilities. It is important to celebrate where these programs stand after years of Republican attacks. They’ve fought to cut both programs, raise costs on seniors, and throw hardworking families off of their coverage. GOP lawmakers in 10 states are still playing politics with people’s lives by rejecting Medicaid expansion, and Republicans in Congress are trying to repeal all of the Inflation Reduction Act’s drug pricing measures. It speaks to the strength of these programs that, despite the Republican war on health care, Medicare and Medicaid are stronger than ever.”
The Inflation Reduction Act By the Numbers
- 13 million Americans are saving on their health insurance premiums keeping over 2 million Americans insured and saving an average of $2,400 per family.
- 52 million Medicare beneficiaries will no longer face Big Pharma’s outrageous price hikes that outpace inflation.
- Medicare beneficiaries pay no more than $35 for insulin copays
- 19 million people with Medicare will save an average of $400 thanks to the Inflation Reduction Act’s $2,000 annual cost caps.
- 80 of the most expensive prescription drugs will have lower prices because of Medicare negotiations by 2030.