Rep. Wexton Releases Reports Showing Inflation Reduction Act Will Lower Health Care Costs for Local Families

STERLING, Virginia, Sept. 7 -- Rep. Jennifer Wexton, D-Virginia, issued the following news release on Sept. 6, 2022:

Congresswoman Jennifer Wexton (D-VA) announced that families in the 10th Congressional District of Virginia will soon see more affordable prescription drugs for Medicare recipients and lower health insurance premiums made possible by the Inflation Reduction Act.

"I've always believed that no American should be forced to go without the care they need because they can't afford the costs - and now, thanks to legislation I've championed in Congress, health care is more affordable and accessible than ever," said Congresswoman Jennifer Wexton. "With our Inflation Reduction Act, tens of thousands of Virginians are going to see lower premiums and pay less out-of-pocket for their lifesaving medication. I'm proud that Democrats have delivered these bold actions to lower health care costs for families across Virginia's 10th District."

Inflation Reduction Act benefits for 10th Congressional District residents include:

Affordable Health Care

* By extending critical tax credits set to expire this year, the Inflation Reduction Act will help 33,000 people in the district currently enrolled in subsidized marketplace health insurance coverage through the Affordable Care Act save an average of $990 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.

* A single-parent household with one adult, one child, and a household income of $30,000 could save $1,260 on their premiums next year.

* A household of two adults over the age of 60 with a joint income of $70,000 could save $16,176 on their premiums next year.

Lower Prescription Drug Costs

* 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 3,200 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 with Big Pharma. 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 $19 million lower.

- Medicare beneficiaries in the district could have saved a total of $6 million in reduced premiums and out-of-pocket costs.

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

The report on benefits of the Inflation Reduction Act health coverage provisions for 10th District residents can be found here (https://iqconnect.house.gov/iqextranet/iqClickTrk.aspx?&cid=VA10JW&crop=0000.0000.0000.0000&report_id=&redirect=https%3a%2f%2fwexton.house.gov%2fUploadedFiles%2fRep_Jennifer_Wexton_District_Report_on_IRA_Health_Coverage_Benefits.pdf&redir_log=798754492965778).

The report on benefits of the Inflation Reduction Act Medicare drug pricing provisions for 10th District residents can be found here (https://iqconnect.house.gov/iqextranet/iqClickTrk.aspx?&cid=VA10JW&crop=0000.0000.0000.0000&report_id=&redirect=https%3a%2f%2fwexton.house.gov%2fUploadedFiles%2fRep_Jennifer_Wexton_District_Report_on_IRA_Drug_Pricing_Savings.pdf&redir_log=828770399071751).

* * *

Original text here: https://wexton.house.gov/news/documentsingle.aspx?DocumentID=734