Statement in Response to the Inflation Reduction Act

by Nora OBrien-Suric, PhD, President

On behalf of the Health Foundation for Western & Central New York, I applaud the inclusion of several amendments in the Inflation Reduction Act (IRA), passed by the U.S. Senate on August 7, that can have a positive impact on health equity and the health of people throughout the United States. As the Health Foundation has advocated extensively for this, it is especially heartening to see improvements to the Affordable Care Act will be extended through 2025 when the IRA is passed by the House and signed by President Biden. This extension means millions of people will continue to benefit from enhancements to health coverage affordability and access originally made in the American Rescue Plan Act, and I hope that our elected officials build on this achievement to work toward a permanent, universal approach that ensures all people have access to the health care they need.

Additionally, the IRA will lower prescription drug costs by enabling Medicare to negotiate for lower prices, capping out-of-pocket costs at $2,000 a year for older adults in Medicare Part D, and penalizing drug corporations that raise their prices above the inflation rate. For the first time, the price of insulin will be capped at $35 a month for Medicare enrollees. These measures will have a significant impact on many Americans, especially older adults.

We look forward to seeing how these actions may improve the health of our community in the coming years.

Click here to learn more about how the extension of ACA benefits can help millions of Americans access affordable health coverage in this interview with Maria Alvarez, Executive Director of the New York StateWide Senior Action Council, Inc.