Mon. Jan 30th, 2023

(WWLP) – Chairman of the House of Rules Committee Jim McGovern released a new report on September 8, detailing how families in the 2nd Congressional District of Massachusetts will see more affordable prescription drugs for Medicare recipients and lower health insurance premiums made possible by the Inflation Reduction Act.

“For far too long, billionaire corporations and insurance CEOs have forced families to choose between paying for health care—including lifesaving medication and insurance coverage—and putting food on the table. With the Inflation Reduction Act now the law of the land, President Biden and Democrats in Congress are putting people over politics to rein in out-of-control health care costs. I’m proud to have voted for this transformational legislation to lower health care costs for families across my district,” said McGovern.

There are two reports on the benefits of the Inflation Reduction Act, one for health coverage provisions and one for Medicare, for 2nd district residents.

The reason for these reforms was demonstrated by Committee on Oversight and Reform’s landmark drug pricing investigation, which revealed how the pharmaceutical industry’s unrepressed pricing practices lead to price gouging and runaway costs for Americans. 

Key highlights from the reports include:

  • By extending critical tax credits set to expire this year, the Inflation Reduction Act will help 18,000 people in the district currently enrolled in subsidized marketplace health insurance coverage through the Affordable Care Act save an average of $620 in premiums starting next year.
  • Thanks to the Inflation Reduction Act, a family in the district with two adults, two children, and a household income of $75,000 could save $2,832 on their premiums next year.
  • For the estimated 10,000 Medicare beneficiaries receiving insulin in the district, the new law will cap monthly copayments for insulin products at $35 per month.
  • If the Inflation Reduction Act’s drug pricing provisions had been fully in effect in 2020, the total cost of prescriptions filled by Medicare beneficiaries in the district could have been $36 million lower and Medicare beneficiaries in the district could have saved a total of $11 million in reduced premiums and out-of-pocket costs.

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