Rep. Luria Releases Reports Showing Inflation Reduction Act Will Lower Health Care Costs for Coastal Virginians

WASHINGTON, Sept. 2 -- Rep. Elaine Luria, D-Virginia, issued the following news release:

Rep. Elaine Luria (D-VA) announced that families in Coastal Virginia will soon see lower health insurance premiums and more affordable prescription drugs for Medicare recipients thanks to the Inflation Reduction Act.

"For too long, Coastal Virginians have struggled with the high costs of health care and prescription drugs," Rep. Luria said. "I am proud to have supported the Inflation Reduction Act, which will cut health care and prescription drug costs for working families and seniors, combat climate change, and reduce inflation."

Affordable Health Care for Coastal Virginia Families and Seniors

* By extending critical tax credits set to expire this year, the Inflation Reduction Act will help 22,000 people in the VA-02 currently enrolled in subsidized marketplace health insurance coverage through the Affordable Care Act save an average of $920 in premiums starting next year.

* Families with two adults, two children, and a household income of $75,000 could save $2,832 on their premiums next year.

* A household of two adults over the age of 60 with a joint income of $70,000 could save $17,508 on their premiums next year.

Lowering Prescription Drug Prices

* The Inflation Reduction Act caps Medicare beneficiaries' annual out-of-pocket costs for prescription drugs covered by Medicare Part D at $2,000 per year starting in 2025. An estimated 2,000 Medicare Part D beneficiaries in the district had out-of-pocket costs above $2,000 in 2020.

* For the estimated 3,300 Medicare beneficiaries receiving insulin in the district, the new law will cap monthly copayments for insulin products at $35 per month.

* The Inflation Reduction Act finally allows the government to negotiate lower drug prices. 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 $16 million lower.

- Medicare beneficiaries in the district could have saved a total of $5 million in reduced premiums and out-of-pocket costs.

The report on benefits of the Inflation Reduction Act health coverage provisions for residents in Virginia's Second Congressional District can be found here (https://luria.house.gov/sites/evo-subsites/luria.house.gov/files/evo-media-document/Rep%20Elaine%20Luria%20District%20Report%20on%20IRA%20Health%20Coverage%20Benefits.pdf).

The report on benefits of the Inflation Reduction Act Medicare drug pricing provisions for Virginia's Second Congressional District can be found here (https://luria.house.gov/sites/evo-subsites/luria.house.gov/files/evo-media-document/Rep%20Elaine%20Luria%20District%20Report%20on%20IRA%20Drug%20Pricing%20Savings.pdf).

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Original text here: https://luria.house.gov/media/press-releases/rep-luria-releases-reports-showing-the-inflation-reduction-act-will-lower-health-care-costs-for-coastal-virginians