Orlando Representative Val Demings released two new reports prepared by the U.S. House Committee on Oversight and Reform. According to these reports, the federal Medicare program and individual constituents in Florida’s 10th Congressional District will benefit from extensive savings on health care and prescription drugs due to the Inflation Reduction Act, which Rep. Demings supported. She is challenging Republican Senator Marco Rubio, who did not support the Inflation Reduction Act, so expect this to be a part of the Senate campaign.
“These new reports show that the Inflation Reduction Act will save Florida seniors and other residents hundreds or even thousands of dollars on their health care and needed prescription drugs,” said Rep. Demings. “That’s why voters support the Inflation Reduction Act 73% to 22%. As the daughter of a maid and a janitor every dollar mattered in our household, and I’ll always fight to protect working families.
According to the Report on Affordable Health Coverage Benefits:
- “The Inflation Reduction Act of 2022 will make health coverage more affordable for millions of Americans by extending key Affordable Care Act (ACA) tax credits set to expire this year.” Without the Inflation Reduction Act, 161,000 people in Florida’s 10th District alone would have had the cost of their healthcare nearly double, from $450 to $840. According to the report:
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- A family in the district with two adults, two children, and a household income of $75,000 could save $2,832 on their premiums next year. Without the Inflation Reduction Act, their premiums would have increased by 71%.
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- A single-parent household with one adult, one child, and a household income of $30,000 could save $1,260 on their premiums next year. Without the Inflation Reduction Act, their premiums would have increased by 477%.
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- A household of two adults over the age of 60 with a joint income of $70,000 could save $18,420 on their premiums next year. Without the Inflation Reduction Act, their premiums would have increased by 309%.
According to the Report on Drug Price Savings:
- The Inflation Reduction Act caps Medicare beneficiaries’ annual out-of-pocket costs for prescription drugs covered by Medicare Part D at $2,000 per year starting in 2025, benefiting an estimated over 1.4 million Medicare beneficiaries, including roughly 3,000 who went over the new $2,000 cap in Florida’s 10th District alone.
- Beginning in 2023, monthly copayments for insulin products will be capped at $35 per month for Medicare beneficiaries, benefitting up to 1.7 million people who use insulin, including roughly 7,000 in Florida’s 10th District alone
- If the Inflation Reduction Act’s $35 insulin copay cap had been in effect in 2020, a Medicare beneficiary in the district enrolled in a standard Medicare drug plan who used Novolog—one of the most commonly-prescribed rapid-acting insulins—could have saved $1,565 per year.
- The Congressional Budget Office estimates that the drug pricing reforms in the Inflation Reduction Act—which finally allow the government to negotiate lower prices with Big Pharma—will save more than $280 billion over ten years…These provisions will reduce costs for the more than 51 million Americans. This would have saved Medicare $28 million for prescription drugs in Florida’s 10th District alone, and those seniors would have saved $9 million in reduced premiums and out-of-pocket costs.
“I’m proud to have been a part of the work leading up to this moment, including prior legislation to allow Medicare to negotiate down the cost of prescription drugs and lower the cost of health care for all Floridians,” added Rep. Demings. “I’m proud that we beat the pharmaceutical company lobbyists and corporate Republicans in Congress to pass this bill and put Florida families first.”
View the Report on Affordable Health Coverage Benefits and Report on Drug Price Savings prepared for Rep. Demings for more information.
