For Immediate Release:
Contact: Kelly Broadway, 202-808-8853
kelly.broadway@cahc.net
Washington, D.C. – The following statement on today’s Senate Finance Committee hearing, “Lower Health Care Costs for Americans: Understanding the Benefits of the Inflation Reduction Act” should be attributed to Joel White, President of the Council for Affordable Health Coverage.
“The so-called Inflation Reduction Act (IRA) has failed to live up to its name leaving seniors with higher costs and less in their pockets. The law has sent Medicare drug premiums soaring, while simultaneously reducing choice of plans for Medicare beneficiaries. Plans that had provided a source of stable drug coverage for years are heading for the exits. A demonstration program announced by CMS in August to buy down skyrocketing premiums is a band-aid that does not address the underlying wound – the IRA radically rewrote the law in ways that fundamentally destabilize the market.
The Committee should use today’s hearing to discuss how to reverse the IRA’s impact.”