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ashoup
In News, Report, Research

NEW REPORT: In 2023, Greedy Drug Companies Raked in $684 Billion and Spent $106 Billion Rewarding Shareholders

Big Drug Companies and Their MAGA Republican Allies Are Putting Profits Over Patients Detailed in New Report.

Read the Full Report Here.

Washington, D.C. — Protect Our Care is releasing a new report detailing pharmaceutical companies’ sky-high revenues as they continue charging unaffordable prices to patients. The report found that in 2023, 16 of the largest drug companies raked in $684 billion, and they spent $106 billion rewarding shareholders. For too long, drug companies have been allowed to charge whatever they want, gouging patients to the point that more than 1 in 3 Americans report cutting pills or skipping doses because they can’t afford their medication.

“Drug companies’ greed is only getting worse,” said Protect Our Care Chair Leslie Dach. “Our nation’s seniors are depending on the savings from the Inflation Reduction Act so they don’t have to choose between filling their prescription and filling their refrigerator. In the richest country in the world, no one should be cutting pills or skipping doses. It is reprehensible that big drug companies and MAGA Republicans continue to put profits over people as they work to block negotiations in court and gut the program in Congress.”

Many of the drugmakers highlighted in the report are the same companies in court now to stop Medicare’s ability to negotiate lower drug prices under the Inflation Reduction Act. Drug companies have also been working behind the scenes with Republican lawmakers to repeal all of the Inflation Reduction Act’s provisions to make prescription drugs more affordable for millions of seniors. Big drug companies claim that the new law to make drugs more affordable will harm patients, but in reality, they’re telling investors the opposite and spending billions on rewarding their investors through stock buybacks and dividends, paying their executives millions, and spending millions lobbying to keep their prices high.

Key Points:

  • We followed the 2023 earnings reports of 16 drug companies.
  • These 16 companies reported $684.1 billion in total global revenue and have announced dividend payments and stock buybacks totaling $105.9 billion.
  • The seven publicly held companies currently suing to ban Medicare from negotiating lower drug prices reported $343 billion in revenue. Those same companies reported shareholder compensation in the form of stock buybacks and dividends totaling $53 billion.
ashoup
In News, Report, Research

“Our Work Is Making a Difference”: Senator Baldwin Joins Protect Our Care and Young Invincibles to Release New Report on How the ACA Benefits Young Americans

Read the New Report Here. 

Watch the Full Event Here.

Washington, DC — Today, U.S. Senator Tammy Baldwin (D-WI) joined Protect Our Care and Young Invincibles to discuss how the Affordable Care Act (ACA) is benefiting young people across the nation by providing access to more affordable health coverage. During the call, speakers discussed how the ACA is working to benefit young Americans, and how President Biden and Democrats in Congress are protecting and expanding these benefits. Right now, four out of five ACA enrollees can find coverage for $10 or less per month. Open enrollment is set to close on January 16, with some exceptions for state-run marketplaces. 

According to the report, the ACA has lowered costs and made coverage more available to young people through policies including Medicaid expansion, affordable Marketplace coverage, and the requirement that insurers must allow people up to age 26 to stay on their parent’s health plan. This has expanded young people’s access to essential services like mental health care. In 2023, enrollment in the ACA Marketplaces reached an all-time high, with 15.7 million Americans receiving coverage. More than one in four, or 4.1 million of those enrolled in Marketplace coverage were between the ages of 18 and 34.

“Over a decade ago, when we passed the Affordable Care Act, I was proud to champion the provision that for the first time allowed young people to stay on their parent’s insurance until 26 and fight for Americans who were previously locked out of insurance because of pre-existing conditions,” said Senator Tammy Baldwin (D-WI). “There’s more work to do, but as we enter another record-breaking year for enrollment in the Affordable Care Act marketplaces, we’re reminded of the difference this historic step forward is making for millions of Americans, including young people who are benefitting every day from accessible mental health, reproductive, and primary care. Our work is making a difference.”

“Medicaid expansion, the ability to stay on their parents’ coverage until age 26, and the creation of the ACA marketplaces have all provided more opportunities for young people to enroll in coverage,”  said Mina Schultz, Health Policy and Advocacy Manager at Young Invincibles. “The financial help available to lower the monthly cost of coverage has put coverage within reach for millions. And importantly, with half of young adults living with a mental health condition, mental health care has never been more accessible. Thus far, in the 11th annual ACA marketplace open enrollment period, there has been a record number of 20 million people enrolled in coverage. This report is important, now more than ever, to lift up the experiences of young people in the health care system as we work ever more towards equitable, accessible, and affordable health care for all.” 

“The Affordable Care Act has been revolutionary for young people, ” said Alex Soltany, advocate. “For young adults, this access to health coverage is essential and can be life or death. We never think we’re going to need coverage but that’s why having health insurance coverage is so important. A couple of years ago, a close friend of mine unexpectedly suffered a broken collarbone while playing sports. In college, he was covered under his university student health plan but upon graduation, he lost that coverage. He didn’t qualify for employer-sponsored insurance and went looking for insurance on his own. His decision to purchase health insurance through the ACA marketplace saved him from thousands of dollars in medical debt he would have incurred from ambulance, hospital, and surgical fees. If he had been uninsured, he would have been unable to afford his monthly rent.”

“My 15-year-old brother and I are fortunate to have never known a time in which we’ve had to worry about covering our health care costs, thanks to the trailblazing efforts of Senator Baldwin and President Obama,” said Chandra Chouhan, advocate. “We must realize one very important thing – the Affordable Care Act is about more than coverage. It’s about preserving the health and well-being of all Americans so we can pursue our shared freedoms and dreams. When I hear about Donald Trump and Wisconsin Republicans threatening to terminate the ACA without any regard for the tens of millions of Americans who depend on it, I feel scared to witness such a blatant disregard for human life. We must take action to reelect leaders like Senator Baldwin, who are committed to preserving and expanding the ACA.”

“The Affordable Care Act has been a game-changer for young people across the nation, and the impact of the health care law only continues to grow as President Biden and Democrats work to drive down costs,” said Protect Our Care Chair Leslie Dach. “Our report finds that millions of young people have health insurance because of the ACA, which has helped more people receive critical services like mental health and addiction treatment, cancer screenings, and prenatal care. But the ACA is under relentless attack from Republicans and in the courts. Donald Trump has promised repeatedly that if he’s elected, he will eliminate the Affordable Care Act. So not only must we celebrate the accomplishments of the Affordable Care Act, but we must remain ever vigilant in protecting it from its enemies as more Americans rely on it. ”

ashoup
In News, Report, Research

NEW REPORT: “A Dark Cloud Over U.S. Drug Approval” – How FDA Approvals Could Be Thrown Into Chaos Post-Mifepristone Case

Read the Full Report Here.

Washington, D.C. — Following the announcement that the Supreme Court will hear Alliance for Hippocratic Medicine v. U.S. Food and Drug Administration next term, Protect Our Care is releasing a new report that describes what is at risk if the Supreme Court sets the precedent of allowing courts to overrule the FDA’s drug approval decisions. The report provides a detailed look at the categories of drugs that could be most at risk from ideological opponents and friendly judges. 

Earlier this year, Judge Matthew Kacsmaryk invalidated the FDA’s approval of mifepristone and the 5th Circuit Court of Appeals severely restricted access to mifepristone, but the Supreme Court stayed this decision. A decision to ban mifepristone would threaten millions of women’s access to safe and legal abortions and open the door for the politically motivated destruction of the entire drug approval process.

The report explains if the Supreme Court opens the door, the public could lose access to other critical and lifesaving health care such as:

  • other abortion and contraception products
  • common vaccines opposed by anti-vaxxers
  • drugs and vaccines that were developed with fetal cell lines, including ones that protect against Hepatitis A
  • vital treatments for gender-affirming care and HIV prevention
  • innovative cell and gene therapies
  • embryonic stem cell research
  • investments into future treatments with the potential to treat or cure diseases like Parkinson’s, cancer, and diabetes

“A dark cloud looms over the drug approval and development processes as the Supreme Court weighs allowing politics to trump science,” said Leslie Dach, chair of Protect Our Care. “If the lower courts’ decisions stand, any third party with a political agenda can challenge a medication they object to, and judges could ignore expert opinions and arbitrarily rip away lifesaving drugs and vaccines from patients who rely on them.  The entire FDA approval process would be thrown into chaos and millions of people across the nation would suffer.”

ashoup
In News, Report, Research

Reps. Judy Chu and Barbara Lee Discuss How the Inflation Reduction Act is Benefiting Asian Americans Nationwide

Read the Full Report Here. 

Watch the Full Event Here.

Washington, DC — Today, Congressional Asian Pacific American Caucus Chair (CAPAC) Judy Chu (CA-28) and CAPAC Healthcare Task Force Co-Chair Barbara Lee (CA-12) joined Protect Our Care and the Asian & Pacific Islander American Health Forum to discuss how the Inflation Reduction Act is benefiting Asian American, Native Hawaiian, and Pacific Islander (AA and NHPIs) communities across the nation. By lowering health care premiums and prescription drug prices, the Inflation Reduction Act is making care more affordable for AA and NHPIs, and addressing longstanding disparities in access to care and health outcomes. 

Efforts to make health care more affordable and accessible are particularly important for AA and NHPIs, who have historically faced greater barriers to achieving and maintaining optimal health. The 25.2 million Asian Americans and 1.5 million Native Hawaiians and Pacific Islanders living in the U.S. have long been more likely to suffer from chronic health conditions like kidney failure, heart disease, and hypertension, and Asian American seniors are more likely than their white counterparts to report difficulty affording prescription medications. During the call, speakers will discuss how the Inflation Reduction Act is working to benefit AA and NHPIs, and other actions President Biden is taking to ensure everyone has the health care they need to thrive. 

“I was so proud to work with my Democratic colleagues in Congress to pass the Inflation Reduction Act, landmark legislation to lower the costs of health care and prescription drugs and make real, tangible differences in the lives and livelihoods of people across the nation,” said U.S. Representative Judy Chu (CA-28), Congressional Asian Pacific American Caucus Chair. “With the findings from today’s report by Protect Our Care and Asian & Pacific Islander American Health Forum, we can now confirm how AANHPIs, who disproportionately suffer from certain chronic health conditions and diseases like hypertension, diabetes, and heart failure, have benefited from the law’s provisions. I look forward to future collaboration with my colleagues and outside advocates to ensure no one in America faces the prospect of going without necessary health care or prescription drugs because of exorbitant cost.”

“It’s been over a year since House Democrats successfully fought to pass the Inflation Reduction Act, and we’re starting to see the vast benefits in communities across the country—especially to our health care system,” said U.S. Representative Barbara Lee (CA-12), Congressional Asian Pacific American Caucus Healthcare Task Force Co-Chair. “Thanks to this report by Protect Our Care and APIA Health Forum, we can see just how much the IRA is lowering the health care and prescription drug costs for AANHPI families, especially those in California. I thank Chairwoman Chu for her leadership in the AANHPI community, and look forward to continuing our work together.”

“The Inflation Reduction Act includes significant provisions that alleviate barriers to health care for communities like ours,” said Juliet K. Choi, President and Chief Executive Officer of the Asian & Pacific Islander American Health Forum. “We are proud to be able to present results today that prove when we put communities’ needs first, we are stronger and healthier together. But this is just the start. With continued partnerships, from the national level to community, we can progress toward a more sustainable and equitable future.”

“The Inflation Reduction Act is a game-changer, especially for Asian American, Native Hawaiian, and Pacific Islander families,” said Leslie Dach, Chair of Protect Our Care. “Between lowering premium costs for families, and driving down drug costs for people on Medicare, the benefits of this historic legislation are already being seen across the nation. Thanks to President Biden and Democrats in Congress, not only are Asian American, Native Hawaiian, and Pacific Islander seniors and families saving thousands of dollars a year, but they are also better able to access the health care they need and deserve.”

ashoup
In Fact Sheet, Research

NEW: State-By-State Fact Sheets Show How Republican Calls to Repeal the ACA Jeopardizes Health Care for Millions of People Across the Nation

Read the Fact Sheets Here. 

Washington, DC — Today, Protect Our Care is releasing 50 state-by-state fact sheets to underscore the threat of  Donald Trump’s promise to “terminate” the Affordable Care Act (ACA) and the MAGA Republican war on health care. The consequences of repealing the ACA would touch nearly every household in the country. In addition to 20 million losing coverage, over 135 million Americans with pre-existing conditions would lose critical protections, 49 million seniors would have to pay more for prescription drugs, insurance companies would not be required to cover preventative care, such as vaccinations, contraception, and cancer screenings, and could once again impose annual and lifetime limits on benefits and charge women more. Protect Our Care’s new fact sheets outline how repealing the ACA would have devastating ramifications across the nation. 

Protect Our Care Founder Leslie Dach issued the following statement: 

“After all the years, the Affordable Care Act is now woven into the fabric of the nation, and the data shows how the law lowers costs and improves care for Americans across the country. More people are relying on the ACA than ever before, and millions are finding health insurance for $10 or less a month thanks to President Biden and Democrats in Congress. However, Trump and MAGA Republicans will stop at nothing to repeal the ACA which would raise costs, rip away coverage, and eliminate critical protections including pre-existing conditions. Some things never change: Republicans are more concerned about siding with big drug and insurance companies than the health care and well-being of tens of millions of hardworking people across our country.”

The new reports come as new polling shows the favorability of the ACA is at an all-time high. Across the country, millions are ​​counting on it to protect their coverage and lower their costs. Thanks to President Biden and Democrats in Congress, 80% of people can now get coverage through the ACA for under $10. In the first week of the 2024 open enrollment period, a record 1.6 million people signed up for health care coverage on the Affordable Care Act (ACA) Marketplace. The ACA is extremely popular and provides coverage to more than ever before.

ashoup
In Fact Sheet, Research

FACT SHEET: If Republicans Get Their Way, 65 Million Seniors Will Pay More For Health Care

The Inflation Reduction Act reduces the cost of prescription drugs and slashes costs for millions of seniors. Every House and Senate Republican in 2021 voted against the provisions in the Inflation Reduction Act giving Medicare the power to negotiate prices on select drugs, lowering drug prices, reducing health care premiums, capping insulin costs, and improving care for seniors and people with disabilities. 

Currently, price negotiations are underway for ten drugs which make up around 20 percent of all Medicare Part D spending and are taken by nearly 9 million people. Americans currently pay two to four times more for prescriptions than people in other countries and if Republicans have their way that will only increase. The repeal of the Inflation Reduction Act is at the very top of the Republican legislative agenda and they are just getting started. If the history of efforts to repeal the Affordable Care Act is any indication, the Republican party will continue to attempt to block life-saving programs, preventing Americans from getting quality and affordable health care.

If the Inflation Reduction Act is repealed: 

  • GONE: Medicare’s power to negotiate lower prices for the most popular and expensive prescription drugs, leading to higher out-of-pocket costs for more seniors.
  • GONE: Medicare beneficiaries’ prescription drug savings, including a $2,000 annual out-of-pocket cap and protections from Big Pharma’s price gouges. 
  • GONE: Free vaccines for seniors, including for shingles and pneumonia. 
  • GONE: $35 monthly insulin caps for Medicare beneficiaries.
  • GONE: Improving racial and ethnic health disparities will regress as insurance becomes less affordable.
  • GONE: Expanded eligibility for the Extra Help program, putting affordable prescription drug coverage further out of reach for millions of seniors.

Republicans have partnered with drug companies to roll back Medicare’s price negotiation power. Negotiating lower prices remains overwhelmingly popular among voters of all parties across the country. Unfortunately, Republicans are attempting to repeal the Inflation Reduction Act in its entirety, placing these equity-advancing improvements at risk while drug companies simultaneously, in order to hoard their record profits, try to strip away Medicare’s price negotiating power, which will save taxpayers tens of billions of dollars, through junk lawsuits. If these efforts succeed, companies like Merck and Bristol Myers Squibb, who already spent over $100 million to lobby against the initial passage of the Inflation Reduction Act, will continue raking in billions annually on drugs with no generic alternative while charging Americans four times more than other high-income countries. While 64 Democrats have co-sponsored legislation to expand Medicare’s price negotiation power for private insurance, Republicans continue to give into lobbying campaigns by the pharmaceutical industry, turning their backs on the American people by standing in opposition to any legislation reducing drug prices. 

Repealing the Inflation Reduction Act remains a top priority for Republicans in Congress. As recently as June of 2023, the Republican Study Committee (RSC), a panel that represents 175 House Republicans, introduced a budget proposal for fiscal year 2024 that would privatize Medicare and fundamentally destroy Social Security. Within the proposal’s over $16 trillion in cuts to programs like Medicare, Medicaid, and Social Security, the RSC’s plan would repeal vital aspects of the Inflation Reduction Act like Medicare price negotiation power. The Republican party will continue to attempt to block life-saving programs, preventing Americans from getting quality and affordable health care.

Despite what they say publicly, slashing Medicare is a primary goal for elected Republicans. In 2023, Republicans came out in droves supporting cuts to Medicare. From the Republican House Ways and Means Committee Chairman Jason Smith floating potential Medicare cuts to Rep. Bruce Westerman supporting caps in Medicare spending, it is clear Republican leadership, despite what they may say publicly, are itching to cut spending to Medicare. Throughout recent negotiations to fund the government at the end of fiscal year 2023, Former Speaker McCarthy and Republicans advocated for a 2024 budget that would include over $58 billion more cuts to Medicare and Medicaid not agreed to during the equally fraught debt limit negotiations.

ashoup
In Fact Sheet, Research

FACT SHEET: 49 Million Seniors Will Save On Out-Of-Pocket Spending On Prescription Drugs

Seniors and hardworking families are paying too much for prescription drugs – more than any other country in the world – and it’s forcing them to choose between their medication and food for their families. But, that’s changing. 

Medicare plans for 2024 will include new benefits and lower costs for seniors because of President Biden’s Inflation Reduction Act, including free vaccinations for illnesses like shingles and the flu, a $35 monthly cap on insulin costs, protections from outrageous price hikes, and a new annual cap of approximately $3,300 on out-of-pocket expenses for drugs.

Starting in 2025, Medicare beneficiaries will also see lower drug costs across the board thanks to the Inflation Reduction Act’s new $2,000 annual out-of-pocket cap on drug costs. Soon, seniors will save even more thanks to Medicare negotiation.  

FAST FACTS:

  • 49 million Medicare Part D beneficiaries will have out-of-pocket costs for prescription drugs capped at approximately $3,300 per year in 2024 and $2,000 per year beginning in 2025. More than 1.4 million Medicare enrollees paid more than $2,000 in out-of-pocket costs in 2020.
  • 3.5 million seniors struggle to afford their medication, forcing them to skip or ration doses.
  • In 2024, 400,000 low-income seniors will receive more help affording prescription drugs through the Medicare Part D Low-Income Subsidy Program.
  • In 2025, nearly 19 million Medicare enrollees will save an average of about $400 per year on out-of-pocket prescription drug costs. Enrollees with the highest drug costs will save an average of $2,500 per year. 

Capping Out-Of-Pocket Spending For Seniors. Seniors with serious conditions like cancer, multiple sclerosis, and rheumatoid arthritis will save thousands of dollars on prescriptions under the Inflation Reduction Act. More than 1.4 million Medicare enrollees paid more than $2,000 in out-of-pocket costs in 2020. The Inflation Reduction Act also allows out-of-pocket spending to be smoothed over the course of the year beginning in 2025, so patients are not forced to pay the entirety of their out-of-pocket cost all at one time.

Helping Millions Of Seniors Who Can’t Afford Their Prescriptions. The Inflation Reduction Act will help 3.5 million older Americans who have trouble affording their medication. Over the decade from 2009 to 2019, out-of-pocket spending for older Amerians rose by 41 percent. Seniors often have to sacrifice basic needs such as food or clothing to be able to afford their prescriptions due to rising costs. 

Republicans Voted Against Lower Drug Prices For Millions of Americans. Every Republican in Congress voted against the Inflation Reduction Act effectively taking money out of the pockets of seniors and putting it in Big Pharma’s. Since its passage, Republicans in Congress have repeatedly introduced legislation to repeal the Inflation Reduction Act’s health care provisions, which would increase health care costs for millions. If the history of efforts to repeal the Affordable Care Act is any indication, the Republican party will continue to attempt to block life-saving programs, preventing Americans from getting quality and affordable health care. 

ashoup
In Fact Sheet, Research

FACT SHEET: Trump Vows to “Never Give Up” MAGA-Republican Efforts to Repeal the Affordable Care Act, Ripping Health Care Away From Millions

Over the weekend, Donald Trump renewed calls to “terminate” the Affordable Care Act (ACA), claiming his administration’s failure to repeal the ACA was “a low point for the Republican party.” Repealing the ACA would rip coverage from 20 million Americans and raise premiums for nearly 15 million more. The GOP repeal scheme would also rip away protections for the over 135 million Americans with pre-existing conditions and put insurance companies back in charge, allowing them to deny basic care like hospital visits and prescription drugs. Despite overwhelming support for the ACA from the American people, including record enrollment and consistent support across parties, MAGA-Republican lawmakers can’t quit their “repeal” agenda. 

If the Affordable Care Act is repealed:

  • GONE: Protections for 135 million Americans with pre-existing conditions, including 54 million people with a pre-existing condition that would make them completely uninsurable.
  • GONE: Medicaid expansion, which covers more than 21 million people. 
  • GONE: 49 million seniors will have to pay more for prescription drugs because the Medicare ‘donut hole’ will be reopened.
  • GONE: 2.3 million adult children will no longer be able to stay on their parents’ insurance. 
  • GONE: Insurance companies will be able to charge women more than men.
  • GONE: Premium tax credits that help 80 percent of people who purchase health care on the marketplace.
  • GONE: Key support for rural hospitals. 
  • GONE: Ban on insurance companies having lifetime caps on coverage.
  • GONE: Requirements that insurance companies cover prescription drugs and maternity care.
  • GONE: 61.5 million Medicare beneficiaries will face higher costs and disruptions to their medical care. 

Republican Threats Could Lead To More Than 35 Million People Losing Their Coverage

  • 35 Million People Would Lose Coverage. If Republicans succeed in repealing the ACA, 35 million people will lose coverage obtained through the marketplaces. This would raise the uninsured rate to nearly 19 percent.
  • The Uninsured Rate Would Increase By 69 Percent. Repealing the ACA would increase the number of uninsured Americans from 26.6 million to 61.6 million, according to 2020 data. Americans of all ages would be impacted by coverage losses:
  • 1.7 million children would become uninsured, an increase of 48 percent.
  • 4.9 million young adults aged 19 to 26 would become uninsured, an increase of 76 percent. 
  • 8.8 million adults aged 27 to 49 would become uninsured, an increase of 60 percent.  
  • 5.6 million million older adults aged 50 to 64 would become uninsured, an increase of 95 percent. 

Overturning The ACA Would Exacerbate Racial Disparities In Coverage

The uninsured rate for Black Americans would spike to 20 percent, 32 percent for American Indian/Alaska Natives, 17 percent for Asian/Pacific Islanders, and 33 percent for Hispanics — compared to 13 percent for white Americans. 

  • 3.1 Million Black Americans Would Lose Coverage. The Urban Institute estimates that 3.1 million Black Americans would become uninsured if the ACA were overturned. According to the Center on Budget and Policy Priorities, the ACA helped lower the uninsured rate for nonelderly African Americans by more than one-third between 2013 and 2016 from 18.9 percent to 11.7 percent. 
  • 5.4 Million Latinos Would Lose Coverage. The percentage of people gaining health insurance under the ACA was higher for Latinos than for any other racial or ethnic group in the country. According to a study from Families USA, 5.4 million Latinos would lose coverage if Republicans repeal the ACA.
  • 1.3 Million Asian/Pacific Islanders Would Lose Coverage. 1.3 million Asian/Pacific islanders would become uninsured if the ACA were overturned, according to estimates from the Urban Institute. Research shows the ACA cut uninsurance rates among Asian Americans by more than half–from nearly 20 percent to just under 8 percent — eliminating coverage disparities with white Americans.
  • 488,000 American Indians And Alaska Natives Would Lose Coverage. According to the Urban Institute, the uninsurance rate for American Indians and Alaska Natives would more than double in 10 states if the ACA is overturned. Nationwide, 488,000 would lose coverage. 

Republicans Want To Put Insurance Companies Back In Charge, Ending Protections For The 135 Million People With A Pre-Existing Condition

  • According to a recent analysis by the Center for American Progress, roughly half of nonelderly Americans, or as many as 135 million people, have a pre-existing condition. This includes:
    • 44 million people who have high blood pressure
    • 45 million people who have behavioral health disorders
    • 44 million people who have high cholesterol
    • 34 million people who have asthma and chronic lung disease
    • 34 million people who have osteoarthritis and other joint disorders
  • More than 17 million children, 68 million women, and 32 million people aged 55-64 have a pre-existing condition.

Republicans Want To Give Insurance Companies The Power To Deny Or Drop Coverage Because Of A Pre-Existing Condition

Before the Affordable Care Act, insurance companies routinely denied people coverage because of a pre-existing condition or canceled coverage when a person got sick. Now insurance companies could have the license to do this again. 

  • A 2010 congressional report found that the top four health insurance companies denied coverage to one in seven consumers on the individual market over a three-year period. 
  • A 2009 congressional report found that some of the largest insurance companies had retroactively canceled coverage for 20,000 people over the previous five-year period.
  • The Kaiser Family Foundation estimates that 54 million people, or 27% of adults aged 18 to 64, have a condition that would have been grounds for coverage denial in the pre-ACA marketplace. 

Coronavirus Could Be Considered A Pre-Existing Condition. Without the ACA, millions of Americans who have contracted the coronavirus would likely be deemed as having a pre-existing condition and be at the mercy of their insurance companies who could refuse to pay for needed care.

Source: Kaiser Family Foundation, 2016; 2019

Republicans Want To Give Insurance Companies The Power To Charge You More, While Their Profits Soar

  • Premium Surcharges Could Once Again Be In The Six Figures. Republican threats to repeal the ACA could mean insurance companies once again could charge people more because of a pre-existing condition. The 2017 House-passed repeal bill had a similar provision, and an analysis by the Center for American Progress found that insurers could charge up to $4,270 more for asthma, $17,060 more for pregnancy, $26,180 more for rheumatoid arthritis and $140,510 more for metastatic cancer.
  • Women Could Be Charged More Than Men For The Same Coverage. Prior to the ACA, women were often charged higher premiums on the nongroup market than men were charged for the same coverage. 
  • People Over The Age of 50 Would Face A $4,000 “Age Tax.” Without the ACA, insurance companies could charge people over 50 more than younger people. The Affordable Care Act limited the amount older people could be charged to three times more than younger people. If insurers were to charge five times more, as was proposed in the 2017 Republican repeal bill, that would add an average “age tax” of $4,124 for a 60-year-old in the individual market, according to AARP.
  • 80 Percent of People With Marketplace Coverage Would Pay More. If the ACA is repealed, consumers would no longer have access to tax credits that help them pay their marketplace premiums, meaning 80 percent of people who have marketplace coverage would see price increases.
  • Seniors Would Have To Pay More For Prescription Drugs. Republicans’ plan to repeal the ACA, would make 49 million seniors pay more for prescription drugs because the Medicare “donut” hole would be reopened. 
  • 60 Million Medicare Beneficiaries Could Face Higher Costs. In addition to paying more for preventive care and prescription drugs, Medicare beneficiaries could face higher premiums without the cost-saving measures implemented under the ACA. If Republicans are successful, seniors would also face less coordinated care. 
  • Insurance Companies Would Not Have To Provide The Coverage You Need. The Affordable Care Act made comprehensive coverage more available by requiring insurance companies to include “essential health benefits” in their plans, such as maternity care, hospitalization, substance abuse care, and prescription drug coverage. Before the ACA, people had to pay extra for separate coverage for these benefits. For example, in 2013, 75 percent of non-group plans did not cover maternity care, 45 percent did not cover substance abuse disorder services, and 38 percent did not cover mental health services. Six percent did not even cover generic drugs.

Republicans Want To Give Insurance Companies The Power To Limit The Care You Get, Even If You Have Insurance Through Your Employer

  • Insurers Could Reinstate Lifetime And Annual Limits On 179 Million Privately Insured Americans. Repealing the Affordable Care Act means insurance companies would be able to impose annual and lifetime limits on coverage for those insured through their employer or on the individual market. In 2009, nearly 6 in 10 (59%) covered workers’ employer-sponsored health plans had a lifetime limit, according to the Kaiser Family Foundation. 
  • Americans Could Once Again Have To Pay For Preventive Care. Because of the ACA, health plans must cover preventive services — like flu shots, cancer screenings, contraception, and mammograms – at no cost to consumers.
  • Employers Could Eliminate Out-Of-Pocket Caps, Forcing Employees To Pay More For Care. Under the ACA, health insurers and employer group plans must cap the amount enrollees pay for health care each year. If the law is overturned, these cost-sharing protections would be eliminated. The ACA also barred employer plans from imposing waiting periods for benefits that last longer than three months.

Republicans Want To End Medicaid Expansion

  • More Than 21 Million People Enrolled Through Medicaid Expansion Would Lose Coverage. As of 2022, more than 21 million people were enrolled in Medicaid in over 40 states and territories.
  • Access To Treatment Would Be In Jeopardy For 800,000 People With Opioid Use Disorder. Roughly four in 10, or 800,000 people with an opioid use disorder are enrolled in Medicaid. Many became eligible through Medicaid expansion.
  • Key Support For Rural Hospitals Would Disappear. States that haven’t expanded Medicaid have poorer financial performance than states that have expanded Medicaid. If Medicaid provisions in the ACA were to be stripped, all rural hospitals would face this financial cliff.

Republicans Are Willing To Sacrifice Your Care For More Tax Cuts For The Wealthy

  • The Richest Americans Would See Tax Cuts Averaging $200,000. Overturning the ACA would cut taxes for the top 0.1 percent of earners by an average of $198,000.
  • Drug Companies Would Save Billions. If the ACA is struck down, pharmaceutical companies would pay $2.8 billion less in taxes each year.
  • Repeal Would Weaken The Medicare Trust Fund. A significant portion of the tax cuts resulting from ACA repeal would come “at the direct expense of the Medicare Trust Fund,” according to the Center on Budget and Policy priorities.
ashoup
In News, Report, Research

NEW REPORT: Big Drug Companies Continue To Bring In Hundreds of Billions While Americans Struggle To Afford Skyrocketing Prices

Read the Full Report Here.

Washington, DC — Protect Our Care is releasing a new report detailing pharmaceutical companies’ sky-high revenues as they continue charging unaffordable prices to patients. In total, the 16 top companies reported $176.7 billion in total global revenue for the third quarter, and have rewarded shareholders by announcing dividend payments and stock buybacks totalling $26.8 billion. According to the report, the same big drug companies that are trying to block Medicare negotiation in court had more than $100 billion in revenue in Q3 alone.

Passed last year by President Biden and Democrats in Congress, the Inflation Reduction Act’s Medicare Drug Price Negotiation Program will finally give Medicare the authority to negotiate lower prices, making prescription drugs more affordable for millions of seniors. Big drug companies are talking in court about all the harm they will suffer from negotiations, but they’re telling investors the opposite and spending billions on rewarding their investors through stock buybacks and dividends, paying their executives millions, and spending millions lobbying to keep their prices high. 

Key Points:

  • We followed the Q3 2023 earnings reports of 16 drug companies.
  • These 16 companies reported $176.7 billion in total global revenue for the third quarter, and have announced dividend payments and stock buybacks totalling $26.8 billion. 
  • The eight publicly traded drug makers of the first ten drugs selected for negotiation under the Inflation Reduction Act brought in more than $100 billion in the third quarter alone, and a total of $285 billion in the first nine months of 2023.
  • These eight drug companies have rewarded shareholders with nearly $20 billion in stock buybacks to date in 2023.
  • Contrary to their fearmongering to lawmakers and patients about diminished incentives to invest in innovation,  top drug companies bragged to Wall Street about their investment in new, innovative drugs.

“Drug companies’ greed knows no bounds,” said Protect Our Care Chair Leslie Dach. “Our nation’s seniors depend on the savings from the Inflation Reduction Act so they don’t have to choose between filling their prescription and filling their refrigerator. Make no mistake: big drug companies are only trying to roll back the law to protect their outrageous profits.”

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In News, Report, Research

NEW REPORT: Reps. Castro and Gallego, UnidosUS Action Fund, and Protect Our Care Discuss Report on the Impact of the Inflation Reduction Act for Latino Families

Watch the Full Event Here.

Read the Full Report in English Here. 

Read the Full Report in Spanish Here.

Washington, DC – Today, U.S. Representatives Joaquin Castro (D-TX-20) and Ruben Gallego (D-AZ-03) joined UnidosUS Action Fund and Protect Our Care for a press call discussing the importance of accessing lower healthcare costs through the ongoing Medicare and Affordable Care Act open enrollment periods, and how the Inflation Reduction Act is lowering health care costs for Latino families. During the call, UnidosUS Action Fund and Protect Our Care released a report detailing how the Inflation Reduction Act is benefiting Latinos nationwide.

According to the report, Latinos face disproportionately high adverse health outcomes with Latino seniors being the most likely to experience affordability challenges of any racial/ethnic group in America. The Inflation Reduction Act addresses this challenge by lowering the out-of-pocket cost of health coverage and prescription drugs, which will especially help Latinos who face barriers to care due to unaffordable costs.

The report also spotlights the states with the highest Latino populations, including Arizona, California, Florida, Nevada, New Mexico, and Texas. The report also details how half of the first ten drugs selected to have lower prices negotiated by Medicare are disproportionately taken by Latino Medicare enrollees. 

“Last year, Congressman Gallego and I worked with our Democratic colleagues in the House and Senate to pass the Inflation Reduction Act, a historic investment in good jobs, affordable health care, and better lives for America’s families and seniors. More than a year later, the Inflation Reduction Act is capping prescription drug costs and lowering health care premiums for millions of Americans, especially in Latino communities that have disproportionately struggled with access to care,” said Representative Joaquin Castro (D-TX-20). “As we approach the final weeks of open enrollment, I strongly urge all Americans to visit Healthcare.gov and Medicare.gov and check out their coverage options today.”

“The report from Protect Our Care and UnidosUS underscores what we have long known: that the Inflation Reduction Act is saving Latinos in Arizona hundreds of dollars on health care,” said Representative Ruben Gallego (D-AZ-03). “Insulin is now capped at $35 a month, drug companies are finally being held accountable for their price gouging tactics, and even more savings are coming. I look forward to continuing my work to build on these improvements and lower prescription drug and health care costs for all Arizonans.”

“Increasing engagement between the Latino community and the benefits offered by programs like Medicare and the Inflation Reduction Act is imperative, not only to ensure the health of our communities but to our financial health and economic prosperity as a nation,” said Rafael Collazo, Executive Director of the UnidosUS Action Fund.

“I have lived with Type One Diabetes now for almost 28 years, so I have been through not having insurance, having to insulin ration – I understand those struggles,” said Yamelisa Taveras, founder of The Unidos Foundation. “I understand what our community needs, which is why I founded The Unidos Foundation. So seeing the huge changes, especially the insulin cap, I know that is something that benefits me personally, but it definitely benefits a great number of individuals who live within my community. These changes are necessary and we need to support them. ” 

“The Inflation Reduction Act is a game-changer, especially for Latino families,” said Leslie Dach, Chair of Protect Our Care. “Between lowering premium costs for families, capping insulin costs and drug costs for seniors, penalizing drug companies for egregious price hikes, and giving Medicare the power to negotiate lower drug prices, the benefits of this historic legislation are already being seen across the nation. Thanks to President Biden and Democrats in Congress, not only will Latino seniors and families save thousands of dollars a year, but they will also be able to access the health care they need and deserve.”

“I was paying $780 in insurance, but that doesn’t include all my medicines for my asthma and I was not yet old enough to be on Medicare,” said Ana Valenzuela, Deputy Director of the Arizona LULAC. “Luckily, I was on Medicare when I was diagnosed with cancer. And eventually, the Inflation Reduction Act will limit my out-of-pocket spending to $2,000. The Inflation Reduction Act is really working for a lot of us. We need these programs that are really going to help our health care. Like President Biden said, ‘We are stronger as a Nation when we work together to lift everyone’s well-being.’”

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