Crow, Neguse, Discuss Historic Legislation to Lower Health Care Costs

On Tuesday, Congressman Jason Crow and Congressman Joe Neguse joined Healthier Colorado, The AARP, and Protect Our Care Colorado to discuss the Inflation Reduction Act, historic legislation that will lower prescription drug costs and health insurance premiums for millions of Americans.

Photo: U.S. Rep Neguse U.S. Congressman Joe Neguse

The Inflation Reduction Act will lower the cost of health insurance and drive down prescription drug prices by giving Medicare the power to negotiate the costs of medications, capping seniors’ out-of-pocket costs for drugs at $2,000 per year, capping insulin costs, and stopping price hikes on the medications Coloradans rely on.

This bill also extends the Premium tax Credit to help lower costs for millions of working families By guaranteeing coverage that costs less than 8.5 percent of income, the Premium Tax Credits allowed millions of enrollees to find a quality plan for $10 or less per month and saved families an average of $2,400 a year on our insurance premiums.

“This is a transformational legislative win that will do what it says,” said Congressman Jason Crow. “This bill addresses inflation and costs for Coloradans and reduces the costs of prescription drugs and health care coverage, all while actually reducing the deficit. Without this legislation, 16,000 people in my district alone would have seen their health care costs go up an additional 51 percent. An additional 4,000 people with Medicare Part D in my district had out-of-pocket costs over $2,000 annually that will now be capped thanks to this legislation, and there are 5,400 people with Medicare Part D in my district that use insulin that will save upwards of $1300 a year.”

“With the Inflation Reduction Act now the law of the land, we have taken bold, necessary steps to rein in out-of-control health care costs and lower prescription drug prices for America’s seniors,” said Congressman Joe Neguse. “I have long been an advocate for reforming our health care system, and believe this bill is a significant step forward in making our health care system more accessible and affordable for Coloradans across our state.”

With the Inflation Reduction Act, Colorado representatives have delivered on their promise to work to lower health care costs and rein in high drug prices particularly for Colorado seniors. Under The Inflation Reduction Act more than 18,000 Medicare Part D enrollees in Colorado who experienced out-of-pocket costs over $2,000 in 2021 will now have their prescription drugs capped at $2,000 per year. In addition, more than 80 prescription drugs will have Medicare price negotiation by 2030, and more than 34,500 Coloradans on Medicare will have insulin copays capped $35 per month.

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