NH Delegation Touts Key Health Care Investments from the Inflation Reduction Act Coming to NHAugust 22, 2022
(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) today highlighted important ways the Inflation Reduction Act lowers health care costs for Granite Staters. These measures will cap prescription costs, reduce health insurance premiums, tackle surging insulin costs and expand access to health care for thousands of Granite Staters.
“Our health care system has long needed reform, with surging costs putting quality health care out of reach for Granite Staters. This new law is one of the most important pieces of legislation in modern history to tackle sky-high prescription costs and help working families afford health care. From empowering Medicare to negotiate prescription drug prices to capping the cost of insulin for Medicare patients and expanding assistance for low-income patients, this law will make a real difference and save Americans billions of dollars,” said Senator Shaheen. “I’m particularly proud that provisions I led to make ACA premiums more affordable are now law, which will help keep costs low and extend coverage to thousands more Granite Staters. This law is a game-changer and takes historic action to improve access and affordability of health care services for Granite State families. While this is an important achievement, the insulin provisions included in this bill don’t go far enough to cover the full scope of pricing challenges, which is why I’ll continue to push Congress to pass my bipartisan legislation, the INSULIN Act.”
“Skyrocketing prescription drug costs have devastated families’ budgets and jeopardized their health for too long,” said Senator Hassan. “I am proud to have worked with my colleagues to pass the Inflation Reduction Act, which takes on Big Pharma to lower health care costs for Granite Staters. Most important, it finally allows Medicare to negotiate prescription drug prices, which I have been pushing for because we know that it will bring down drug costs significantly across the board and save taxpayer dollars. I look forward to seeing all the ways that the Inflation Reduction Act will address long-standing challenges and lead to lower costs for Granite Staters.”
“As a member of the Energy and Commerce Committee, I am focused on expanding access to high-quality health care services for Granite Staters and lowering prescription costs,” said Rep. Kuster. “I was proud to help get the Inflation Reduction Act over the finish line and deliver real results for New Hampshire. This legislation takes historic steps to improve our health care system and lower costs, helps ensure seniors can afford their prescriptions, and cracks down on price gouging at the pharmacy counter. I will continue working to build on this progress and ensure no Granite Stater has to choose between the health care they need and other essentials.”
“Granite Staters need relief from the skyrocketing costs of everyday necessities, including prescription drugs and health insurance,” said Rep. Pappas. “The Inflation Reduction Act will help New Hampshire families by finally negotiating cheaper drug prices and capping costs for seniors on Medicare. Thousands of Granite Staters will also see lower premiums as they shop for coverage, and I’ll keep fighting to ensure everyone can access affordable care.”
Big health care wins from the Inflation Reduction Act heading to New Hampshire include:
Reduced Prescription Drug Costs:
- Medicare will now be able to negotiate prices for high-costs drugs, saving billions of dollars for seniors and people with disabilities. This provision, which Senators Hassan and Shaheen has long pushed for, will reduce the costs of these drugs and lower out-of-pocket costs for Granite Staters on Medicare. Companies will also be required to pay Medicare a rebate if drug prices rise faster than inflation.
- Hundreds of thousands of Granite Staters on Medicare will soon have their out-of-pocket costs in Part D capped at $2,000. It’s estimated that nearly 7,000 Medicare beneficiaries in New Hampshire would’ve otherwise had out-of-pocket costs above the cap, putting treatments and medications out of reach for many patients.
- More low-income families on Medicare will have assistance to afford prescriptions, co-pays and premiums. Families with incomes up to 150% of the federal poverty level will soon be eligible for Medicare Part D subsidies to help cover the costs of premiums and co-pays. Expanding income eligibility could help an additional 2,000 Granite Staters on Medicare currently receiving only partial assistance.
- No out-of-pocket costs around vaccines for patients covered by Medicare Part D. Medicare Part D will soon cover vaccines with no cost-sharing requirements, which will help tens of thousands of Granite Staters save money.
Capped Insulin Co-Pays at $35/Month on Medicare:
- Out-of-pocket costs of insulin will be capped at $35 for a month’s supply for the tens of thousands of Granite Staters on Medicare starting in 2023. More action is needed to cap the cost of insulin on private insurance, which would be addressed through Shaheen’s bipartisan legislation with Senator Collins, the Improving Needed Safeguards for Users of Lifesaving Insulin Now (INSULIN) Act.
Expanded Health Care Coverage & Lowered Costs for Thousands More Granite Staters:
- The extension of Affordable Care Act (ACA) Premium Tax Credits championed by Senator Shaheen will save approximately 52,000 Granite Staters an average of $720 annually. These tax credits were set to expire at the end of the year, but Shaheen successfully extended their authorization, building on her previous efforts and standalone legislation, the Improving Health Insurance Affordability Act.
- These savings are particularly important for small businesses and middle-income older Granite Staters who don’t have health insurance through their jobs or have retired.
- These ACA improvements will also allow thousands more Granite Staters to obtain health care coverage. It’s projected that 11,000 more Granite Staters will have health insurance next year than without the Inflation Reduction Act – improving health outcomes, boosting financial security and addressing disparities in access to care.
You can read more on the health care cost benefits coming to the Granite State through the Inflation Reduction Act here.
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