Spanberger Highlights Work to Lower Prescription Drug Costs, Healthcare Premiums for Virginians

The Inflation Reduction Act Gives Medicare the Power to Negotiate Prescription Drug Prices, Caps Medicare Out-of-Pocket Drug Costs at $2,000 Per Year, & Extends Health Insurance Tax Credits for Middle-Class Families

HENRICO, V.A. — U.S. Representative Abigail Spanberger is highlighting provisions in the Inflation Reduction Act that will lower prescription drug and vaccine costs for seniors on Medicare, as well as keep healthcare costs down for Virginia families.

Spanberger — who voted to pass the legislation in August — released a new video explaining how this new law lowers prescription drug costs for seniors, caps the price of insulin for seniors enrolled in Medicare, makes recommended vaccines available to Medicare beneficiaries at no cost, and will continue to bring health insurance premiums down for Virginia families.

“Everywhere I go across the district, I hear from Virginians who are impacted by high prescription drug prices,” said Spanberger. “At a time marked by increased costs across the board, I am proud to be working to reduce prices and help our economy recover. I will continue to listen to the people of Virginia and fight for and work for what is best for the Commonwealth.”

The Inflation Reduction Act lowers prescription drug and vaccine costs for Virginia seniors by:

  • Giving Medicare the power to negotiate the price of certain prescription drugs
  • Capping out-of-pocket insulin costs at $35 per month for the 74,000 diabetic Virginians enrolled in Medicare beginning on January 1, 2023
  • Making recommended vaccines — like the shingles vaccine — available at no cost to Medicare beneficiaries beginning on January 1, 2023
  • Capping out-of-pocket drug costs at $2,000 per year for Medicare beneficiaries beginning in 2025

In addition to lowering drug prices for seniors, the Inflation Reduction Act prevents premium hikes on middle-class families by extending the American Rescue Plan’s health insurance premium subsidies through 2025. In 2022, American Rescue Plan premium subsidies saved more than 34,000 constituents in Virginia’s Seventh District an average of $72 per month — or $862 per year — on their health insurance.

Last month, the Centers for Medicare and Medicaid Services (CMS) announced that people with Medicare will see lower average premiums for Medicare Part B, Medicare Advantage, and Medicare Part D prescription drug plans in 2023.

After the legislation was signed into law, Spanberger released a report detailing how the Inflation Reduction Act will lower healthcare costs for Virginia families and seniors. Additionally, Spanberger released a report showing how the new law will lower costs for Spotsylvania families.

###

Recent Posts


Jun 17, 2024
Local Issues

NEW MILESTONE: Spanberger’s Office Returns More Than $39 Million in Federal Benefits to Virginians

Since the Start of 2019, the Congresswoman’s Office Has Returned More Than $39 Million in Backlogged IRS Refunds, Social Security Checks, VA Benefits, & More WASHINGTON, D.C. — U.S. Representative Abigail Spanberger announced today that her office has now returned more than $39 million in federal casework funds to residents of Virginia’s Seventh District. Casework dollars […]



Jun 14, 2024
Press

Spanberger Statement on Supreme Court Ruling to Strike Down Federal Bump Stock Ban

Congresswoman: “As a Former Federal Law Enforcement Officer, I Know that Weapons Designed to Inflict Maximum Casualties Do Not Belong on Our Streets, in Our Schools, or in Our Communities” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today released the following statement following the U.S. Supreme Court’s decision in Garland v. Cargill, which overturns a […]



Jun 14, 2024
Gun Safety

During National Gun Violence Awareness Month, Spanberger Urges Speaker Johnson to Bring Bipartisan Bills to U.S. House Floor to Prevent Gun Violence

Congresswoman: “I Used To Carry A Gun Every Single Day — I Know What It Is To Be A Responsible Gun Owner” WASHINGTON, D.C. — On the floor of the U.S. House of Representatives, U.S. Representative Abigail Spanberger — a Member of the U.S. House Gun Violence Prevention Task Force — urged Speaker Johnson to […]