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Capitol Correspondence - 08.09.22

Senate Passes Inflation Reduction Act

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The Inflation Reduction Act of 2022 (IRA) passed in the U.S. Senate on Sunday by a vote of 50 to 50 with the Vice President casting the tie-breaking vote. After months of negotiations between Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV), a deal was reached to reduce the federal deficit, reform prescription drug pricing, extend Affordable Care Act subsidies for three years, make several tax reform changes, and invest in energy and climate change.

The bill now moves to the House where Speaker Nancy Pelosi has announced it will be considered on Friday, August 12th.

The IRA officially establishes a Medicare Drug Price Negotiation Program, which directs the HHS Secretary to negotiate maximum fair prices for selected drugs for the Medicare program beginning with plan year 2026. Beginning in plan year 2023, the bill also imposes a monthly cap on the cost of insulin furnished under Medicare Part D. The IRA additionally extends the Advanced Premium Tax Credits in the Affordable Care Act for three years through 2025, making health insurance more affordable for those with lower incomes.

Although funding for Home and Community Based Services (HCBS) was not ultimately included in the bill, ANCOR acknowledges the monumental advocacy efforts of our members and the steadfast support of many members of Congress, in particular the work of HCBS champion Senator Bob Casey (D-PA). The relationships built and the coalitions formed over the past 15 months will live on and continue to bear fruit as ANCOR pivots to new strategies.