PA Women Save on Health Care Due to Inflation Reduction Act
TL/DR –
The Inflation Reduction Act, a federal law passed in the summer of 2022, has led to healthcare savings for over 1.5 million women in Pennsylvania through provisions such as the capping of insulin prices and the reduction of out-of-pocket costs for certain medical services. The law also allowed the U.S. government to negotiate the price of prescription drugs covered by Medicare, resulting in lower costs for medications predominantly used by women. The law, which passed with votes only from Democrats and was signed into law by President Joe Biden, is funded through tax reform and prescription drug reform.
Pennsylvania Women Experiencing Health Care Savings Thanks to Government Program
Over 1.5 million women in Pennsylvania are seeing reduced health care expenses due to a federal law established in the late summer of 2022.
Federal Law Brings Unexpected Health Care Savings
Known as the Inflation Reduction Act, this legislation primarily addresses climate change and clean energy. However, it also includes healthcare provisions that have driven down the cost of various medical services.
Who’s Benefiting from the Savings?
- Diabetics: Thanks to the Act, insulin providers are now setting a $35 cap on insulin for everyone, including the uninsured. This impacts an estimated 76,535 people diagnosed with diabetes in Pennsylvania annually.
- Seniors Needing Vaccines: Over 2 million Pennsylvanians on Medicare no longer pay out-of-pocket for numerous vaccines.
- Seniors with Prescriptions: Starting in 2025, these seniors on Medicare will enjoy a $2,000 annual cap on prescription drug costs, saving those with serious conditions like cancer and rheumatoid arthritis.
- Women Using Prescription Drugs: From 2026, women will notice price drops for ten specific prescription drugs, having previously spent $1.55 billion on these in 2022.
- Why Women?: Despite men also benefiting, factors like the gender wage gap and less health care insurance for women across the US make the Act’s health provisions particularly beneficial for women.
The Brains Behind the Act
The Inflation Reduction Act, which was signed into law by President Joe Biden in August 2022, received support only from Democrats, including Pennsylvania Sen. Bob Casey. It is funded through tax reform and prescription drug reform.
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