MARYLAND – President Biden’s Inflation reduction act is coming up on one year on the books and advocates say it’s been taking a big dent out of expenses for Marylanders.
Executive Director of Maryland Healthcare for All Vinny DeMarco tells 47ABC, says the plan has provided a variety of savings across multiple areas for Marylanders.
He tells us the number one cost-saver in the state, a cap on the cost of insulin paid by Medicare recipients at 30 dollars.
He says that combined with a consumer price board for medication prices, which will begin by 2025 is helping to tamp down on the prices pharma companies are allowed to charge Medicaid and consumers on the private market.
He tells us the program is not just the government paying the difference amid rising costs but helped to drive down the actual price of all kinds of goods.
“50,000 Marylanders have felt the drop in cost for insulin, many more will feel as of Jan 2025 there will be 2,000 cap on out of pocket cap that will be great for Medicaid and we are all feeling the impact of increased jobs and opportunity in the energy field and the health care field,” Demarco said.
DeMarco says the latest strong jobs numbers nationally and an indication that the soft landing of inflation are indicators that the inflation reduction act has been succeeding.