Seniors Are Saving Thousands Thanks to President Biden and Democrats in Congress, But Republicans Plan Repeal To Fund Tax Breaks
Washington D.C. — Yesterday, the $2,000 out-of-pocket prescription drug cost cap, a major provision of the Inflation Reduction Act, took effect, saving seniors thousands of dollars a year. Seniors will save even more next year when lower prices negotiated by Medicare go into effect. Prior to the Inflation Reduction Act, there was no limit on what the nearly 56 million people who count on Medicare had to pay for their prescriptions, putting life-saving medication out of reach for many. The Inflation Reduction Act also caps monthly insulin costs at $35 for people on Medicare, gives Medicare the power to negotiate lower drug prices, and penalizes drug companies for raising drug prices faster than inflation. However, not a single Republican voted for the Inflation Reduction Act and they have vowed to repeal it. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“The new out-of-pocket cost cap is a game-changer for our nation’s seniors. President Biden and Democrats in Congress stood up to big drug companies and won. Now, seniors are saving money, ensuring they can afford the care they need without sacrificing other basic needs like groceries, gas, and rent. Every Republican member of Congress sided with the drug companies and voted against lower prices for seniors and, now, Donald Trump and Republicans want to raise costs by repealing these lifesaving changes. Republicans want to allow drug companies to charge whatever they want at the expense of American seniors. The GOP plans have one goal in mind: slash the programs families rely on to fund more tax breaks for billionaires and let American families suffer the consequences.”
Background:
Reminder: MAGA Republicans Want to Raise Costs and Rip Away Health Care