WISCONSIN — Today, U.S. Senator Tammy Baldwin joined Protect Our Care and Citizen Action of Wisconsin to discuss the Inflation Reduction Act, historic legislation that will lower prescription drug costs and health insurance premiums for millions of Americans. Baldwin was joined by two Wisconsin seniors currently on Medicare, Jan K. from Brookfield and Gary Mitchell from Monona, who also serves as President of the Wisconsin Alliance for Retired Americans.
The Inflation Reduction Act will lower the cost of health insurance and drive down prescription drug prices by giving Medicare the power to negotiate, capping seniors’ out-of-pocket costs for drugs at $2,000 per year and capping insulin costs. This bill will help lower costs for millions of working families, address the deep racial inequities in our healthcare system and save lives.
With the Inflation Reduction Act, President Biden and Democrats have made history and delivered on their promise to lower health care costs and rein in high drug prices — a stark contrast from every Republican who voted no. American families have been asking and waiting for this day, and now help is on the way.
A lung transplant recipient, Gary Mitchell noted that the drug costs associated with his transplant would have been prohibitive without Medicare plus supplemental insurance. “I’m very excited about what’s happened with the Inflation Reduction Act,” said Mitchell, noting that “not one single Republican voted for it.”
Jan K. shared a moving story about how close the health care challenges she faced came to driving she and her family into financial ruin in the years before enactment of the Affordable Care Act. Now, Jan has found herself in the Medicare ‘donut hole’ for prescription drug coverage for years, typically spending more than $5,000 annually on prescription. With passage of the Inflation Reduction Act those out of pocket expenses will be capped at $2,000 per year.
“In Wisconsin, the average annual cost of prescription drugs increased 26% between 2015 and 2019, in large part because Congressional Republicans have been unwilling to take on the big drug companies who too often put profits over people,” noted Sen. Baldwin, adding later, “The Inflation Reduction Act of 2022 will ensure that patients with Medicare get a better deal on high-priced drugs (and) will also cap out-of-pocket costs for Medicare recipients at $2,000 a year.”
Learn more about how the Inflation Reduction Act will lower health care costs for Wisconsin here.
A recording of the event can be viewed here.
