Long Branch– Congressman Frank Pallone, Jr. (NJ-06) today participated in a telephone town hall hosted by AARP with over 800 constituents to provide an update on his work to lower prescription drug and health care costs. Pallone originally authored or advanced key provisions in the Inflation Reduction Act through his Energy and Commerce Committee over the last couple of years. President Biden signed the bill into law last month.
“The Inflation Reduction Act is one of the most significant pieces of health care legislation in over a decade. It breaks Big Pharma’s monopoly on prescription drug prices by finally empowering Medicare to negotiate lower prices, capping the amount seniors pay for drugs at $2,000 annually and $35 a month for insulin, and penalizing companies that unfairly hike prices faster than inflation by requiring them to pay a rebate to Medicare. This legislation finally levels the playing field to ensure seniors are no longer forced to choose between putting food on their table and their lifesaving prescription drugs,” Pallone said. “I am grateful to AARP’s 90,128 members in my district and all of those who took the time to join this telephone town hall to share their thoughts and ask questions. The well-being of New Jerseyans is my top priority and hearing directly from my constituents allows me to be a better advocate and legislator.”
“On behalf of AARP New Jersey’s nearly 1.2 million members and all older Garden State residents, we thank Congressman Pallone for joining our telephone town hall today to celebrate a big legislative victory and discuss the historic new law that will lower prescription drug prices for Medicare recipients,” said Crystal McDonald, AARP New Jersey Associate State Director of Advocacy. “AARP thanks Congressman Pallone for his leadership on this issue and standing up to the big drug companies. Because of Congressman Pallone’s leadership, millions of seniors will save money on their prescriptions.”
KEY HEALTH CARE PROVISIONS ORIGINALLY AUTHORED BY PALLONE & OTHER HEALTH COMMITTEE CHAIRMEN:
The Inflation Reduction Act includes a number of key provisions that were originally authored and introduced by Pallone and other health leaders in the House.
Lowering Prescription Drug Costs for Americans:
The Inflation Reduction Act will rein in the soaring cost of prescription drugs and cap out-of-pocket costs for millions of seniors. Many of the key provisions in the Inflation Reduction Act to lower prescription drugs costs were first proposed by Pallone, Ways and Means Chairman Richard E. Neal (D-MA), and Education and Labor Chairman Robert C. “Bobby” Scott (D-VA) in H.R. 3, the Elijah E. Cummings Lower Drug Costs Now, which was introduced in September 2019. The comprehensive bill empowered Medicare to negotiate the cost of prescription drugs and imposed an inflation rebate on pharmaceutical manufacturers that unfairly raised prices on consumers. H.R. 3 also capped seniors’ out-of-pocket costs on Medicare Part D prescription drugs at $2,000 annually. The House of Representatives passed H.R. 3 in December 2019, but the Senate did not act on the bill.
Expanding Affordable Care Act (ACA) & Lowering Health Care Costs:
The Inflation Reduction Act also makes health care more affordable for millions of Americans by extending through 2025 ACA affordability assistance first included in the American Rescue Plan last year. The landmark law provided financial assistance for more people by enhancing ACA Marketplace premium subsidies for lower-income and middle-income Americans for 2021 and 2022, including those with incomes above 400 percent of the federal poverty line. This ACA provision was first introduced by Chairmen Pallone, Neal, and Scott in March 2018.