Greensboro Reporter

Washington, DC - On August 16, 2023, Congresswoman Kathy Manning (NC-06) celebrated the one-year anniversary of the signing of the Inflation Reduction Act (IRA) into law and highlighted the impact of the legislation in North Carolina.  

"One year after the passage of the Inflation Reduction Act, North Carolinians are feeling the benefits of the law: health care premiums are lower for hardworking families, the price of insulin is capped at $35 a month for seniors on Medicare, and thousands of good-paying clean energy jobs are being created across the state,” said Congresswoman Kathy Manning (NC-06) The IRA has lowered health care costs for North Carolinians: 

• The IRA capped the cost of insulin at $35/month for Medicare enrollees, starting on January 1st, 2023. Seniors on Medicare in NC-06 were previously paying an average of $1,796 a year and are now paying an average of $420 a year for insulin costs. Following the passage of the Inflation Reduction Act, three major insulin producers - Eli Lily, Novo Nordisk, and Sanofi - have capped the cost of insulin for all consumers at $35/month.
   
• The IRA also lowered health insurance premiums for low-and middle-income Americans by extending enhanced premium tax credits for the Affordable Care Act exchange plans. In North Carolina 800,850 people saved an average of $551 on their ACA exchange plans this year.
   
• Earlier this year, the Department of Health and Human Services (HHS) announced the first set of prescription drugs that will be subject to Medicare inflation rebates because the drug manufacturers raised their prices faster than inflation. HHS has announced over 60 drugs that patients will now pay less for out of pocket, with some saving as much as $449 per dose.

The IRA has spurred clean energy and manufacturing investments in North Carolina:

• In the last year, the IRA has spurred $9,613,125,233 in funding for clean energy projects in North Carolina that will create at least 4,145 jobs.

Upcoming Cost-Saving Provisions in the Inflation Reduction Act:

• Beginning in 2025, out-of-pocket prescription drug costs for Medicare beneficiaries will be capped at $2,000 annually.
   
• Starting in 2024, the low-income subsidy program under Medicare Part D will be expanded to 150% of the federal poverty level.
   
• The Inflation Reduction Act will allow Medicare to negotiate better prescription drug prices for the first time. The Center for Medicare and Medicaid Services (CMS) has begun the process of drug selection for negotiation and new prices will take effect for certain medications by 2026. Find a timeline of the negotiation process here.

Original source can be found here.