Lake County News, CA – Thompson releases report on benefits of the Cut Inflation Act for California’s Fifth District
LAKE COUNTY, Calif. — Representative Mike Thompson (CA-05) released a report on Friday showing that families in the Fifth Congressional District will soon see more affordable prescription drugs for Medicare beneficiaries and higher health insurance premiums. weak made possible by the reduction in inflation. Law.
“In the richest country in the world, no one should go bankrupt when receiving health care. For too long Americans have been forced to choose between putting food on the table or going to the doctor,” Thompson said. “With the enactment of the Curbing Inflation Act, our community will see lower health care costs through lower premiums and lower prescription drug costs.”
The Inflation Reduction Act benefits the district with:
By extending critical tax credits that expire this year, the Inflation Reduction Act will help save 28,734 people in the District who are currently enrolled in subsidized health insurance coverage through the Affordable Care Act. averaging $1,379 in bonuses starting next year.
Reduced prescription drug costs
The Inflation Reduction Act caps Medicare beneficiaries’ annual out-of-pocket expenses for prescription drugs covered by Medicare Part D at $2,000 per year beginning in 2025. An estimated 2,000 Medicare Part D beneficiaries in our district had disbursements greater than $2,000 in 2020.
For the approximately 5,800 Medicare beneficiaries receiving insulin in our district, the new law will cap monthly copayments for insulin products at $35 per month.
The Inflation Reduction Act allows the government to negotiate lower drug prices. If the drug pricing provisions of the Cut Inflation Act had been fully in effect in 2020:
• The total cost of prescriptions filled by Medicare beneficiaries in our district could have been $24 million lower.
• Medicare beneficiaries in our district could have saved a total of $7 million in reduced premiums and out-of-pocket costs.
The report on the benefits of the health coverage provisions of the Inflation Reduction Act for the district can be viewed here.
The report on the benefits of the Medicare drug pricing provisions of the Inflation Reduction Act for our district can be viewed here.