Inflation Reduction Act is lowering health care and prescription drug costs for families and seniors, including $35 a month cap on insulin for seniors
IRA also lowers Americans’ energy costs—from electricity bills to electric vehicles
Law also makes major investments in American manufacturing; includes Casey-led provisions to incentivize manufacturing projects that use American materials, as well as investments made in energy communities
Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) released the following statement on the one-year anniversary of the Inflation Reduction Act being signed into law by President Joe Biden:
“One year ago, Democrats enacted the Inflation Reduction Act to fulfill President Biden’s promise to lower costs for families and tackle the climate crisis. Because of this law, seniors and families are spending less on their prescription drugs, Americans are spending less on their electricity bills, and we’re on the cusp of a manufacturing renaissance in the United States. By investing in America’s clean energy capabilities, we’re on track to meet our climate goals. Pennsylvania families and communities are feeling the impacts of the Inflation Reduction Act, but I’m proud to say that the best of this law is yet to come.”
The Inflation Reduction Act is lowering Americans’ health care costs by allowing Medicare to directly negotiate the price of prescription drugs for the first time, making prescription drugs more affordable for the 63 million Americans on Medicare. For seniors on Medicare Part D, insulin costs are capped at $35 a month, overall out-of-pocket costs will be capped at $2,000 a year, and eligible vaccines will be free. The law also includes a Casey-led provision to expand cost-sharing assistance for low-income people with Medicare. The Inflation Reduction Act also extends the enhanced subsidies for Americans on ACA marketplace health plans, meaning more Americans will be able to afford health care through 2025.
The Inflation Reduction Act also makes generational investments in clean energy, American manufacturing, and good-paying union jobs. The law lowers Americans’ energy costs by making their homes and communities more energy efficient and putting the cost of electric vehicles within reach for more American families. The Inflation Reduction Act also puts the U.S. on a path to reduce emissions by 40 percent by 2030, while investing in our rural communities and safeguarding American energy security. The law includes a Casey-led provision to provide a tax credit bonus to new clean energy investments made with American materials—including American-made steel—and to those situated in energy communities. Casey also fought to include a provision to keep the Black Lung Trust Fund solvent in perpetuity so that coal miners and their families across Pennsylvania can continue to access the life-sustaining health and disability benefits they deserve.
In the last year, Senator Casey has traveled around the Commonwealth touting the benefits coming to Pennsylvania and has uplifted the voices of Pennsylvanians in Washington. He has visited companies and regions that stand to benefit from tax credits and investments, and he has pushed the Administration to implement the law quickly so Pennsylvanians can start to feel the benefits. Below is a sample of how the Inflation Reduction Act is boosting American manufacturing, reducing health and energy costs for seniors and families, and investing in energy communities in Pennsylvania:
Lower Prescription Drug and Health Care Costs
Clean Energy and Manufacturing