Texas Representative Vicente Gonzalez (D) celebrated the Biden Administration’s Inflation Reduction Act officially making insulin $35 a day for more Medicare recipients.
“Today, thanks to the Inflation Reduction Act, Insulin is only $35 a month for those on Medicare Part D,” said Rep. Gonzalez.
Today, thanks to the Inflation Reduction Act, Insulin is only $35 a month for those on Medicare Part D. pic.twitter.com/ecyGzZaNgu
— Rep. Vicente Gonzalez (@RepGonzalez) July 1, 2023
Under the Inflation Reduction Act, out-of-pocket costs for insulin in Medicare are now capped at $35 per monthly prescription for Part D, as of January 1, 2023, with a similar cap taking effect in Part B on July 1, 2023.
Medicare beneficiaries who use insulin would have saved $734 million in Part D and $27 million in Part B if these caps had been in effect in 2020.
Last year, Rep. Gonzalez voted for a similar measure. Bill H.R. 6833, also known as the Affordable Insulin Now Act, requires Medicare Part D plans and commercial health insurance plans to cover insulin and cap cost-sharing at no more than $35 per month.
The Texas-born Congressman pointed out how important this resolution was to the local community of Texas.
“The Rio Grande Valley has one of the highest rates of diabetes in the country with many South Texans requiring insulin daily. We know all too well how burdensome the rising cost of insulin is on our families,” stated the Congressman.
Despite America being a wealthy nation, its citizens pay prices much higher than other countries.
“On average, Americans pay more than 10 times the price for insulin than other countries while it costs pharmaceutical companies less than $10 to produce. This long overdue legislation is an important step to lower families’ out of pocket costs for life-saving drugs.”
According to Debra Franco, Executive Director of the South Texas Juvenile Diabetes Association, high insulin prices can have a major effect on families.
“Our organization serves children with both type 1 and type 2 diabetes. Over the past 10 years we have seen families impacted by high insulin prices. Some have lost their jobs or homes, and others struggle to decide between buying food or insulin for their children who require it.”
The new legislation could save half of those with private health insurance up to $19 per month. Furthermore, a quarter of those with private insurance could save $42 per month.
In other news, Rep. Gonzalez asked Texas Governor Greg Abbott (R) to suspend payments on property taxes amid a property tax dispute between the Governor and the Lieutenant Governor Dan Patrick (R).
“The astronomical rise in property taxes is hurting the livelihoods of South Texans. @GovAbbott you have the power to freeze property taxes and help those who need it the most,” said Rep. Gonzalez.
Rep. Gonzalez attempted to remind the Governor about the economic hurdles that Texans have faced over the last few years.
“As Texans continue to recover from the lingering effects of the COVID-19 pandemic and subsequent inflation, we must continue to ensure that our small businesses and constituents have the resources they need to thrive. However, the recent increases in property taxes are impeding the growth of our communities and local economies.”
“Freezing property taxes will allow our fellow Texans to pay the same amount they paid before while, at the same time, continuing to maintain the essential services that are funded with those tax dollars.”
“Governor Abbott – this is your opportunity to live up to your promises on the campaign trail and provide relief for millions of Texans. I understand that local officials set the property tax value, but you have the power as Governor to provide relief through executive action.”
