Rep. Catherine Beaver visited St. Joseph’s Hospital in Tampa on Thursday to talk about the impact the new Inflation Reduction Act will have on lowering health care costs.
The Inflation Reduction Act, signed by President Joe Biden earlier this month will extend major Affordable Care Act grants through the end of 2025, Castor said.
The measure will reduce prescription drug costs for Medicare seniors and cap drug prices at $2,000 for those on Medicare Part D. The new law will also cap the price of insulin for Medicare seniors. at $35 per month. .
“Thanks to the Cut Inflation Act, healthcare coverage has never been more affordable,” Castor said. “We are blessed to live in a community where we care for each other and each other, and that includes making sure health care coverage is affordable.”
Castor also highlighted the extension of tax credits was originally due to expire at the end of this year. Now, the health insurance subsidies mean the reduction in monthly premiums will continue through 2025. On average, the law will save Floridians an average of about $590 a year and expand coverage to about $543. 000 additional Floridians.
“Here is the boost for Florida families and Tampa Bay area families – we are continuing these vital tax credits that make health care coverage affordable. The tax credits are now estimated to save Florida families over $500 on their health care coverage,” Castor said.
Jodi Raydirector of Florida Covering Kids & Families at the University of South Florida, joined Castor to talk about the first-hand impacts she’s seen from the new provisions.
“We’ve seen the difference the enhanced tax credits have made,” she said. “We’ve had people who were diabetic and couldn’t afford health cover, but thanks to changes over the last couple of years, we’ve been able to cover people like that, so that they could not only get the treatment they needed and continue that treatment, but the supplies that go with it.
Castor also highlighted Hillsborough County Health Care Program, which provides low-cost insurance to those who cannot afford traditional medical insurance. The program connects customers to 13 local hospitals and more than 30 primary care and emergency clinics, as well as 2,500 to 3,000 medical specialists. It is supplemented by a half-cent sales tax and has been in operation since 1991. The program serves approximately 20,000 members each year.
“We were going to take care of you. If you have a health problem, if you have an emergency in your family, Hillsborough Health Care Plan is there to make sure you don’t go into debt, go bankrupt just because you have a diagnosed with cancer or diagnosed with diabetes,” Castor said.