Senate Democrats passed legislation to reduce the deficit and inflation. Many of the provisions in the Inflation Reduction Act will reduce health care costs. The law will significantly reduce the budget deficit.
Here are the bill’s main provisions:
The law allows CMS to negotiate Medicare drug costs with Big Pharma. No more price-gouging. The measure will reduce out of pocket costs and the federal budget.
The law limits out-of-pocket insulin expenses at $35 a month for people in Medicare. A 25% reduction for many diabetics. Adult vaccines including expensive shingles vaccine is now free for Medicare/Medicaid beneficiaries.
Federal subsidies for health insurance premiums will help more than 13 million additional people. It also sets a $2,000 annual cap on the amount of money that any senior pays for drugs.
The Inflation Reduction Act is a good start. I hope they can pass more legislation to help average Americans. The passage has had a positive effect already. The Department of Labor released a report showing that there was zero inflation last month. In addition, core inflation, which excludes food and energy—always volatile—dropped significantly for the first time in months.
Meanwhile, Trump made history by becoming the first U.S. president to plead the Fifth.