ALLENTOWN, P.A. – Today, on the one-year anniversary of the Inflation Reduction Act (IRA) that lowers health care costs, invests in energy security, and supports long-term economic growth, Congresswoman Susan Wild released the following statement:
“I’ve been taking on Big Pharma in the fight to get health care costs and drug prices down since my first day in Congress. The Inflation Reduction Act is a huge win in that fight. It’s making a real difference for Pennsylvania families and seniors by lowering health care costs, and by investing in clean energy and growing our economy. A year after I worked to pass the IRA into law, I’m keeping up the work to get costs down and build an economy that works for working people.”
Lowering Health Care Costs for PA-07:
In 2023, an estimated 18,000 people in PA-07 enrolled in marketplace health insurance coverage. Thanks to the Inflation Reduction Act, the average enrollee will save $1,370 in premiums this year. Without these enhanced health care tax credits, the average premium would have been 64% costlier.
The IRA’s $35 per month cap on insulin costs for Medicare beneficiaries is saving 4,900 seniors in PA-07 $510 per year on insulin costs.
An estimated 830,000 Pennsylvanians will save an average of $470 on prescription drugs every year when cost-reducing policies in the Inflation Reduction Act – like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare – go into effect in 2025.
The Inflation Reduction Act empowers Medicare to negotiate the price of prescription drugs, which is predicted to save taxpayers nearly $100 billion over the next eight years.
When drug companies raise their prices faster than the rate of inflation, the IRA now requires Big Pharma to pay rebates for these price hikes – a requirement that reduced out-of-pocket costs for some Medicare recipients up to $390 per dose or up to $449 per dose this year depending on the drug and their individual coverage.
Investing in American Clean Energy and Supporting Economic Growth:
Since the Inflation Reduction Act’s passage, more than 170,000 new jobs and over $270 billion in clean energy investments have been announced in 44 states. The Inflation Reduction Act’s investments in clean energy and American manufacturing are expected to create millions of jobs across the country within the decade.
The IRA expands workforce training and registered apprenticeship programs, to give more American a path to the middle class and create good-paying jobs that don’t require a college degree.
These investments will keep America at the forefront of clean energy development, support manufacturing and production across Pennsylvania and the country, and bring good-paying jobs home to PA-07.
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