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Congress Passes Inflation Reduction Act: Great Capped Health Care Costs Provided for Americans

Congress Passes Inflation Reduction Act: Great Capped Health Care Costs Provided for Americans
Once the Inflation Reduction Act was passed on August 7, Senate Majority Leader Charles E. Schumer (D-NY) spoke during a press conference. (Photo: https://www.washingtonpost.com/)

Extended premium subsidies in the Affordable Care Act (ACA) marketplaces and capped health care costs which reduces the prices of prescription drugs and the out-of-pocket costs for people on Medicare are two critical consumer needs that should be addressed.

Millions of Americans struggle to pay for their premiums and out-of-pocket medical expenses. The Inflation Reduction Act (IRA), which President Biden is expected to sign into law this week.

Congress Passes Inflation Reduction Act: Great Capped Health Care Costs Provided for Americans

Californian House Speaker Nancy Pelosi signs the Inflation Reduction Act in front of House Democrats (Photo: https://www.forbes.com/)

My daughter Jennifer has bravely dealt with diabetes and various other health issues for most of her life. The battle is never simple, mainly since her insulin and other necessary prescriptions cost $600 a month, even with insurance.

Jennifer is a disabled person. I have retired. We earn a meager living. I consequently freak out anytime I get a medical bill or have to buy medicine. My first concern is whether I would be able to pay for my daughter’s care out of pocket while still stocking up on groceries and gas. Jennifer needs her insulin and a variety of prescription drugs covered by Medicare disability.

Because insulin is as necessary to Jennifer as water is, she simply cannot afford to curtail her insulin injections. For diabetics, skipping or minimizing insulin doses can result in serious problems, including death.

It was a blessing that the new year began.

Capped Health Care Costs Provided for Americans

Since January 1, Medicare enrollees like Jennifer have had access to insulin with a monthly capped health care costs of $35, according to the Inflation Reduction Act. Due to this new benefit, which makes it easier for us to pay for needs and preserve money for unexpected situations, my family is already experiencing financial relief.

With just the insulin capped health care costs included in this historic bill, health care will become more accessible and reasonable for all Americans.

To get through the day, Jennifer also needs to take a long list of prescription medications. Thankfully, the Inflation Reduction Act also reduces the cost of drugs prescribed by allowing Medicare to bargain for lower pricing.

Millions of Americans, including Jennifer, are having their lives saved by the new law, and families like ours now have hope that, despite our loved one’s health issues and disabilities, taking care of them won’t bankrupt us.

Nobody should have to endanger their lives in the richest country in the world because they cannot afford their insulin or their prescription medications. By the help of capped health care costs and fighting inflation, this act provides health care costs savings to the American people and enables my family to pay for daily expenses.

Major steps are being taken by the Inflation Reduction Act to ensure that access to healthcare is a fundamental right rather than a privilege.

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