The provision, signed into law by President Biden, will significantly lower out-of-pocket drug costs for many of the nearly 1.7 million North Carolina seniors enrolled in Medicare Part D coverage, starting in 2026.
Starting in 2026, the prices for these drugs will decrease for up to nine million seniors, thanks to a provision in President Biden’s Inflation Reduction Act that allows Medicare to negotiate the prices for these drugs directly with the manufacturers.
The law ensured that 135,000 North Carolinians were able to keep their health insurance, reduced the cost of insulin for nearly 57,000 seniors, and incentivized several manufacturers to invest in the state and create more clean energy jobs.
Short-term plans offer limited coverage, can deny coverage based on pre-existing conditions, and trick consumers into buying products that provide “little or no coverage when they need it most."
House Republicans’ latest attack on the Inflation Reduction Act comes in the form of the Limit, Save, Grow Act of 2023, which would repeal or shorten clean energy and manufacturing incentives.
Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan.
The Biden administration announced recently that the U.S. will no longer be in a COVID-19 emergency as of May 11, which means that an estimated five to 14 million Americans could lose access to health insurance via Medicaid.
