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Friday, December 9, 2022

Inflation Reduction Act works to lower prescription medicine prices state wide

It is no secret that prices have increased throughout the past few years. Everyone is worried about the rising expense of everything. Americans are overburdened with expenses at the pharmacy, grocery shop, and petrol station. Prescription medicine prices have been on the rise, but they are not receiving as much attention as commodities prices, which have been on the rise.

A three-month dosage of Humira, which treats my psoriasis, cost more than $1,400 after insurance when I joined Medicare in 2014. The cost of the prescription has climbed by 245% by February 2021. My proportion rose to $3,060. And it is only one remedy. I pay an overall total of 7% of my union pension on only prescription medicine charges.

The average American household spends thousands of dollars year on their health requirements, making us the country in the world that pays the most for healthcare. But things are shifting now that President Biden and Democrats have signed the Inflation Reduction Act into law, which would save millions of people money on their health care and prioritize working families.

For people like me, as well as for countless working families, elderly, people with disabilities, and communities of color, the bill’s provisions to cut health care premiums and lower prescription prices will make a significant impact. I just took part in Protect Our Care’s countrywide bus tour in St. Paul to celebrate decreased medical expenses and show Minnesotans how to take advantage of these new savings.

The greatest substantial increase in accessible health care in more than ten years is included in the Inflation Reduction Act. For the 13 million Americans who purchase insurance via the Affordable Care Act’s marketplaces—including more than 70,000 residents of Minnesota—this law cuts premium expenses. The new law also addresses the outrageous price of prescription medications.

Currently, Minnesotans spend around $5.9 billion a year on prescription medicines, and in 2019 alone, 46% of Minnesotans reported financial hardship as a result of the high expense of healthcare. Additionally, according to data, 21% of Minnesotans stopped taking their medications or missed doses because of the expense, and 45% are worried about prescription prices increasing.

The Inflation Reduction Act addresses this by granting Medicare the authority to negotiate medication prices, restricting the cost of insulin for Medicare beneficiaries to $35 per month, and capping senior citizens’ out-of-pocket expenses for prescription drugs. As a result, 47,000 residents of Minnesota will pay less for their insulin, and many more will spend less on other prescription medications.

Biden and congressional Democrats put forth a lot of effort to enact this historic measure, and they succeeded in doing so by fending off the opposition from powerful pharmaceutical firms and other special interests.

Millions of Americans have been forced to make difficult decisions every day for far too long due to outrageous prescription prices established and controlled by Big Pharma, such as choosing between paying their bills or being able to afford the medications they require to survive.

By lowering expenses and fighting inflation, Congress provided health care savings to the American people. This allowed families to save thousands of dollars a year and gave individuals breathing room to pay for other essentials like food, child care, and rent.

The Inflation Reduction Act offers accessible healthcare to Americans from all socioeconomic backgrounds and helps level the playing field for working families in Minnesota. Since the ACA, this measure represents the largest move toward fair health care coverage. The Inflation Reduction Act ensures that individuals like me will have access to healthcare for many years to come.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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