Two North Jersey Democrats recently went on the record claiming that President Joe Biden’s Inflation Reduction Act (IRA) will lower health care costs within their respective districts.
In a recent press release, Rep. Tom Malinowski revealed his IRA report for New Jersey’s 7th Congressional District. The Democratic congressman detailed how the new law would positively impact thousands of his constituents through a more affordable prescription drug plan, along with lowering insurance premiums.
“I’ve made it my mission to lower the cost of healthcare for my middle-class constituents, and I am delighted Congress was able to deliver,” said Malinowski. “Thanks to the Inflation Reduction Act, we’re capping insulin payments for seniors at $35 per month, limiting out-of-pocket payments for seniors to $2,000 per year, and we’re finally empowering Medicare to negotiate drug prices to bring costs down on the most expensive drugs on the market—all while reducing the deficit.”
Lowering health care costs
Malinowski explained how the new law would extend current tax credits that were set to expire allowing over 21,000 of his constituents within the distract to continue receiving subsidized health insurance under the Affordable Care Act, saving on average about $1,950 in premiums, beginning next year.
The new law would benefit families consisting of two adults and two children with a household income of roughly $75,000, saving them as much as $2,832 in premiums. Moreover, a single parent household with an income of $30,000 would also save about $1,260 on their premiums next year.
Lowering Prescription Drugs Costs
Seniors, over 60 years old with a joint annual income of $70,000, would also benefit from the law, saving them around $15,000 on their premiums next year.
Malinowski detailed how the new law would benefit about 3,000 of his Medicare Part D constituents residing within the 7th District, capping annual out-of-pocket costs for prescription drugs at $2,000 per year starting in 2025. The new law would also help another 5,300 Medicare recipients receiving insulin, capping monthly co-payments at $35 per month.
Malinowski, however, wasn’t alone in praising the new bill. Just a few miles away in Glen Rock at the Rock Ridge Pharmacy, Congressman Josh Gottheimer explained how his constituents would also benefit from the IRA.
At a press conference at the pharmacy, the Bergen County lawmaker detailed how the $35 dollar cap on insulin each month would greatly help the roughly 5,700 residents within his district, many living on fixed incomes.
“Can you imagine a parent having to ration their children’s lifesaving insulin, or a grandparent not having enough in their pocketbook for their grandchild’s birthday gift because the cost of insulin has bankrupted them? It’s heartbreaking and unacceptable,” said Gottheimer. “That’s why, after far too long, we’ve now taken action in Congress to pass the Inflation Reduction Act and get it signed into law, to lower prescription drug prices, especially for seniors; cap annual out-of-pocket prescription costs at $2,000 under Medicare, cap the cost of insulin at $35-per-month for Medicare beneficiaries, and provide support for families struggling with the high cost of health insurance.”
Gottheimer called on the Senate to immediately pass this bipartisan Affordable Insulin Now Act, so that all those on private health insurance, regardless of their age, can benefit from a $35-per-month insulin cap.
Insulin drugs capped at $35 per month
Lily Scarlett, Associate Director of Development, Greater NY/NJ, of the American Diabetes Association, weighed in when she stated that “capping the cost of insulin at $35-per-month is critical for affordability. We have heard too many stories of people who have not been able to afford their insulin, so they give up their food or skip meals.”
Gottheimer added that lowering prescription drug costs as a key component to his Affordability Agenda for New Jersey he announced last year.
“Getting the Inflation Reduction Act signed into law is a huge win for Jersey,” he said. “In addition to the fantastic healthcare benefits, it does not raise taxes on individuals, families, or small businesses in North Jersey, and makes no changes to personal income or small business tax rates — which was my key test. The bill is fully paid for and will help pay down the debt. In fact, when you add up all of the savings to families in the Fifth District, the law amounts to a tax cut of more than $2,300 for every family. “