NORFOLK, Va. — On Friday, Aug. 16 at Norfolk’s Slover Library, Delegate Phil Hernandez (D-Norfolk) and Delegate Michael Feggans (D-Virginia Beach) joined Protect Our Care Virginia to preview next week’s Democratic National Convention in Chicago. The delegates will contrast the differences Virginians should expect to see next week between the Biden-Harris administration’s record of protecting and expanding health care and Donald Trump and Project 2025’s plan’s to rip health care away from seniors and hardworking families.
Friday’s event coincides with the second anniversary of the Inflation Reduction Act, which narrowly passed the U.S. Senate when Vice President Kamala Harris cast the tie-breaking vote. Thanks to the landmark law, the cost of insulin for seniors on Medicare is capped at $35 dollars, seniors are protected from drug company price hikes, and seniors’ prescription drug costs will be capped at $2,000 dollars per year starting next year. The Inflation Reduction Act also ensured that for the first time in history, Medicare is negotiating prescription drug prices with pharmaceutical companies to lower costs for seniors. The Biden-Harris administration yesterday announced the new, lower prices for 10 of the highest-cost, most popular drugs taken by people on Medicare. These new prices are known as “maximum fair prices,” and are the highest prices drug companies are allowed to charge for these life-saving medications.
These provisions add up to big savings for Virginians. Each year, 36,461 Virginians will save an average of $510 annually from the insulin price cap. 233,820 Virginia seniors will save over $400 on average through no-cost shingles vaccines, and over 193,000 Virginians will save on necessary prescriptions through Medicare price negotiations. The Inflation Reduction Act also extended premium tax credits for 296,585 Virginians, or 89 percent of those who purchased an Affordable Care Act plan through the exchange. An average middle class family of four buying their health insurance through the exchange in Virginia is saving $7,065 on their yearly premiums.
Meanwhile, back at the ranch:
Reuters
“US producer inflation slows as pricing power diminishes”
By Lucia Mutikani
August 13, 2024
Healthcare and medical insurance costs ticked up 0.1% following a 0.2% gain in the prior month.
The cost of physician services fell 0.2%, while hospital inpatient care rose 0.2% after climbing 0.4% in June.