Spanberger Highlights Another New Report Demonstrating How the Inflation Reduction Act Will Lower Healthcare Costs for Virginia Families

Sep 01, 2022
Healthcare
Press

A New Virginia-Focused Case Study Highlights How the New Law Will Lower Healthcare Costs for Spotsylvania County Residents

HENRICO, V.A. — U.S. Representative Abigail Spanberger today is highlighting a new report that demonstrates how the Inflation Reduction Act — which she voted to pass earlier this month — will prevent premium hikes on middle-class families and small businesses in Virginia.

The Inflation Reduction Act extends the American Rescue Plan’s health insurance premium subsidies through 2025. Without this law, the subsidies would expire at the end of this year. In 2022, the American Rescue Plan’s premium subsidies saved an average of $826 per year for more than 34,000 residents of Virginia’s Seventh District.

Spanberger is now sharing new data from ACAsignups.net that uses Spotsylvania County — in Virginia’s Seventh District — as a case study for the impacts of these extended health insurance cost-saving measures. Some highlights from the report include:

  • For a 60-year-old couple in Spotsylvania, the Inflation Reduction Act means they could save up to $16,000 per year on their health insurance premiums through the Marketplace.
  • For a single, 26-year old in Spotsylvania, the extensions could mean they will be able to save up to $1,500 per year on premiums.
  • For a family with two parents and two children in Spotsylvania, these cost-saving measures will save them more than $6,400 per year.

“In this moment marked by higher costs across the board, I’m proud to have moved legislation to the President’s desk that will keep healthcare costs down for Virginia families. This new report shows exactly how the Inflation Reduction Act will lower costs, restore some peace of mind, and allow families to save for the future,” said Spanberger. “For those who aren’t yet eligible for Medicare and for young Virginians who might have just left their parents’ health insurance plan, these savings go a long way. And for small businesses, this law will help them make sure their employees have the affordable health insurance they need. I’ve heard these concerns directly from the people I serve, and I am glad to know that the Inflation Reduction Act will deliver much-needed results.”

To access the full report and data, click here.

Yesterday, Spanberger released another district-specific report — authored by the U.S. House Oversight and Government Reform Committee — detailing how the Inflation Reduction Act will lower prescription drug costs for seniors and increase savings on health insurance premiums for families across Virginia’s Seventh District.

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