NH Delegation Promotes Key Healthcare Investments From the Inflation Reduction Act Coming to NH

August 22, 2022

(Washington, DC) – United States Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) today highlighted important ways the Inflation Reduction Law reduces health care costs for Granite Staters. These measures will limit prescription drug costs, lower health insurance premiums, address rising insulin costs, and expand access to health care for thousands of Granite Staters.

“Our health care system has long been in need of reform, with rising costs putting quality health care out of reach for Granite Staters. This new law is one of the most important pieces of legislation in modern history to address skyrocketing prescription drug costs and help working families pay for health care. From empowering Medicare to negotiate prescription drug prices, to capping the cost of insulin for Medicare patients, to expanding assistance for low-income patients, this law will make a real difference and save Americans billions of dollars. Dollars”. Senator Shaheen said. “I’m particularly proud that the provisions I led to make ACA premiums more affordable are now law, which will help keep costs down and extend coverage to thousands more Granite Staters. This law is a game changer and takes historic steps to improve access and affordability of health care services for families in the Granite State. While this is an important achievement, the insulin provisions included in this bill do not go far enough to cover the full scope of the pricing challenges, so I will continue to push Congress to pass my bipartisan legislation, the INSULIN Law.”

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“The skyrocketing cost of prescription drugs has devastated families’ budgets and jeopardized their health for far too long,” Senator Hassan said. “I am proud to have worked with my colleagues to pass the Reduce Inflation Act, which takes on Big Pharma to lower health care costs for Granite Staters. Most importantly, it finally allows Medicare to negotiate prescription drug prices, which I’ve been pushing because we know it will significantly lower drug costs across the board and save taxpayers money. I look forward to seeing all the ways the Inflation Reduction Act will address longstanding challenges and lead to lower costs for Granite Staters.”

“As a member of the Committee on Energy and Commerce, I am focused on expanding access to high-quality health care services for Granite Staters and lowering prescription costs,” said Rep. Costas. “I was proud to help get the Inflation Reduction Law over the finish line and deliver real results for New Hampshire. This legislation takes historic steps to improve our health care system and lower costs, helps ensure seniors can afford their prescriptions, and cracks down on price gouging at the pharmacy counter. I will continue to work to build on this progress and ensure that no Granite Stater has to choose between the health care they need and other essentials.”

“The people of the Granite State need relief from the exorbitant costs of daily necessities, including prescription drugs and health insurance,” Rep. Pappas said. “The Reducing Inflation Act will help New Hampshire families by finally negotiating cheaper drug prices and limiting costs for seniors on Medicare. Thousands of Granite Staters will also see lower premiums as they seek coverage, and I will continue to fight to ensure everyone can access affordable care.”

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Big wins in health care Inflation Reduction Law heading to new hampshire include:

Reduced Prescription Drug Costs:

  • Medicare will now be able to negotiate high-cost drug prices, saving billions of dollars for seniors and people with disabilities. This provision, which Senators Hassan and Shaheen have long championed, will lower the costs of these medications and lower out-of-pocket expenses for Granite Staters on Medicare. Companies will also have to pay a refund to Medicare if drug prices rise faster than inflation.
  • Hundreds of thousands of Granite Staters on Medicare will soon see their Part D out-of-pocket costs capped at $2,000. Nearly 7,000 Medicare beneficiaries in New Hampshire are estimated to have had out-of-pocket costs above the limit, putting treatments and medications out of reach for many patients.
  • More low-income families on Medicare will have assistance paying for prescriptions, copays and premiums. Families with incomes up to 150% of the federal poverty level will soon be eligible for Medicare Part D subsidies to help cover the costs of premiums and copays. Expanding income eligibility could help a 2000 granite states on Medicare currently receiving only partial assistance.
  • No out-of-pocket costs for vaccines for patients covered by Medicare Part D. Medicare Part D will soon cover vaccines with no cost-sharing requirements, helping tens of thousands of Granite Staters save money.

Insulin copays capped at $35/month in Medicare:

Expanded health care coverage and reduced costs for thousands more Granite Staters:

  • The extension of the Affordable Care Act (ACA) Premium Tax Credits championed by Senator Shaheen will save approximately 52,000 Granite Staters an average of $720 per year. These tax credits were scheduled to expire at the end of the year, but Shaheen successfully extended their authorization, building on his earlier efforts and separate legislation, the Health Insurance Affordability Improvement Act.
    • These savings are particularly important for small businesses and older middle-income residents of Granite Staters who do not have health insurance through their jobs or have retired.
  • These ACA enhancements will also allow thousands more Granite Staters to obtain health care coverage. 11,000 more Granite Staters are projected to have health insurance next year than without the Reduce Inflation Act, improving health outcomes, increasing financial security, and addressing disparities in access to care.
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You can read more about the health care cost benefits coming to the Granite State through the Reducing Inflation Act here.

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