For people with Medicare, the bill caps their out-of-pocket prescription drug costs at $2,000 per year, allows Medicare to negotiate drug prices, strengthens assistance for low-income beneficiaries, and limits medication price increases.
NCOA urges the House to pass the bill expeditiously, so President Biden can sign it into law.
Other important provisions include extending Affordable Care Act (ACA) insurance subsidies and measures to reduce greenhouse gas emissions.
Public Relations Manager
We commend the Senate for passing this historic piece of legislation that will enable more older adults to age with dignity, health, and financial security. We urge the House to pass the bill expeditiously, so President Biden can sign it into law."
“Millions of older adults who live on a fixed income and struggle with high health care costs will breathe a sigh of relief when this legislation caps their out-of-pocket drug costs at $2,000 per year, allows Medicare to negotiate drug prices, strengthens assistance for low-income beneficiaries, and limits drug price increases. These measures will help them stretch their precious Social Security dollars a little bit further and enable them to afford the medications they need, especially in this time of rising inflation.
“Aging doesn’t begin when you turn 65, so we are also delighted that the legislation extends the subsidies for Affordable Care Act (ACA) health insurance plans that were created by the American Rescue Plan. A record-breaking 14.5 million people enrolled in ACA plans in 2022 as a result of these subsidies. Their continuation for three more years will help millions take care of their health before they ever qualify for Medicare.
“Finally, the bill’s investments in reducing greenhouse gas emissions to 40% below their 2005 levels by the end of this decade are a down payment on ensuring younger generations will have a planet on which to age well. We applaud targeted strategies and resources to ensure that equitable access to affordable, clean energy is provided for low-income households and underserved communities.
We believe that aging well should be a right, not a privilege, for all Americans. The Inflation Reduction Act is a positive step in that direction.”
The National Council on Aging (NCOA) is the national voice for every person’s right to age well. We believe that how we age should not be determined by gender, color, sexuality, income, or ZIP code. Working with thousands of national and local partners, we provide resources, tools, best practices, and advocacy to ensure every person can age with health and financial security. Founded in 1950, we are the oldest national organization focused on older adults. Learn more by following us at @NCOAging.