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Biden’s Inflation Act Provides Broad Relief for Black Americans With Diabetes and Other Diseases

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Kisha Smith

Seniors struggling with the costs of insulin and other expensive medications will gain meaningful relief with the passage of President Biden’s Inflation Reduction Act, which will serve to cap costs for prescription drugs.

Said Biden, “Seniors are going to pay less for their prescription drugs while we’re changing circumstances for people on Medicare by putting a cap — a cap of a maximum of $2,000 a year on their prescription drug costs, no matter what the reason for those prescriptions are.

“That means if you’re on Medicare, you’ll never have to pay more than $2,000 a year no matter how many prescriptions you have, whether it’s for cancer or any other disease.  No more than $2,000 a year…This is a Godsend.  This is a Godsend to many families and so, so long overdue.”

The Inflation Reduction Act locks in place lower healthcare premiums for millions of families who get their coverage under the Affordable Care Act, but falls short of the broader applicability to diabetes patients who are covered by private insurance.

Still, it is a major win for Biden and a game changer for the more than 8 million in the U.S. who rely on insulin and beginning next year would pay no more than $35 monthly for the costly diabetes drug.

The landmark bill also provides $369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030 and $80 billion in funding to the IRS to beef up personnel and update systems.

Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act.

Additionally, the bill will direct spending, tax credits and loans to bolster technology like solar panels, consumer efforts to improve home energy efficiency, emission-reducing equipment for coal- and gas-powered power plants, and air pollution controls for farms, ports and low-income communities.

“I am confident this bill will endure as one of the greatest legislative feats in decades,” Schumer said, adding that it was “the most important bill we have passed in a long time.”

In the coming weeks, the President is slated to host a Cabinet meeting focused on implementing the Inflation Reduction Act and will travel across the country to highlight how the bill will help the American people.


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