As Prepared For Delivery:
From Day One, President Biden and the Biden-Harris Administration have been focused on lowering health care costs for Americans.
We know health care costs can be a huge economic stress for families.
That’s why the Inflation Reduction Act lowers these care costs for millions of Americans. In just one year, it has already done so.
15 million people are continuing to save $800 a year on their health insurance premiums.
Seniors are already seeing the life-saving benefits of this law:
- $35 out-of-pocket cap on insulin
- Free recommended vaccines, like shingles and tetanus
- Lower out of pocket coinsurance for certain drugs that raised prices faster than inflation.
And critically for the first time ever we’re able to negotiate prices for prescription drugs covered under Medicare.
- In a couple of weeks, HHS will announce which 10 drugs are part of the first round of negotiations.
The Inflation Reduction Act also caps out-of-pocket spending on prescription drugs to $2,000 per year for Medicare beneficiaries.
Nearly 19 million seniors—will save an estimated $400 on average annually when this cap goes into effect in 2025.
Beneficiaries with the highest drug costs will save an average of $2,500 per year. These all are crucial benefits of the IRA.
I’ve met Americans who have rationed prescriptions – taken one pill when they need to take two or not get what they need at all, simply because the price is out of reach.
For decades, we’ve been talking about lowering drug costs and giving Medicare the power to negotiate lower drug prices.
President Biden actually got it done. And it will make a real difference for millions of Americans.
With that, I’m happy to take your questions.