ICYMI: Inflation Reduction Act Will Lower Health Care Costs for Thousands of Minnesotans

WASHINGTON, DC – Earlier this month, the Inflation Reduction Act was signed into law – landmark legislation that will lower prescription drug and health care costs for hardworking Minnesotans. This bill provides several long-overdue reforms – including Representative Craig's $35 cap on the monthly out-of-pocket cost of insulin for those on Medicare – to the health care system and makes substantial progress toward ensuring every single Minnesotan has access to high-quality, affordable health care.

Here's what the Inflation Reduction Act means for Minnesotans:

• 820,000 Minnesotans on Medicare Part D will have their pharmacy costs capped at $2,000/year and be protected from Big Pharma's further price hikes.
• 85,000 Minnesotans will save hundreds on their health care premiums.
• 87,000 Minnesotan seniors on Medicare will be able to access vaccines, free-of-cost.
• 47,000 Minnesotans on Medicare will have their insulin copays capped at $35/month.
• An additional 27,000 Minnesotans will gain access to health insurance through the extension of the ACA premium tax credits.
• 25,000 small business owners and self-employed adults in Minnesota will be able to access affordable health care coverage.

Additional information on how the Inflation Reduction Act will lower health care costs for Minnesotans can be found here.

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