Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

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By the Office of Rep. Salud Carbajal

Today, Rep. Salud Carbajal released a new report detailing how Central Coast families will soon see more affordable prescription drugs for Medicare recipients and lower health insurance premiums made possible by the Inflation Reduction Act.

The report highlights how the new law signed last month will save Central Coast seniors more than $30 million on their prescription drug costs, avert massive increases in health care premiums, and lower out-of-pocket costs for thousands in California’s 24th Congressional District.

“The Inflation Reduction Act is a landmark bill that meets the greatest challenges that we are facing today—from rising energy prices and health care costs to the worsening damage of the climate crisis,” said Congressman Carbajal. “But having worked for years to lower health care costs for Central Coast families, I am proud that this bill will deliver key savings on health care premiums and prescription drugs–helping our families and older Californians make ends meet and finally capping out-of-control health care costs.”

The full report can be found here.

Inflation Reduction Act benefits for Central Coast residents include:

 Affordable Health Care 

  • By extending critical tax credits set to expire this year, the Inflation Reduction Act will help 31,385 people on the Central Coast currently enrolled in subsidized marketplace health insurance coverage through the Affordable Care Act save an average of $1,410 in premiums starting next year.
    • A Central Coast family with two adults, two children, and a household income of $75,000 could save $2,832 on their premiums next year. 
    • A single-parent household with one adult, one child, and a household income of $30,000 could save $1,260 on their premiums next year. 
    • A household of two adults over the age of 60 with a joint income of $70,000 could save $24,024 on their premiums next year.

 

Lower Prescription Drug Costs

  • The Inflation Reduction Act caps Medicare beneficiaries’ annual out-of-pocket costs for prescription drugs covered by Medicare Part D at $2,000 per year starting in 2025. An estimated 2,000 Medicare Part D beneficiaries on the Central Coast had out-of-pocket costs above $2,000 in 2020. 
  • For the estimated 4,400 Medicare beneficiaries receiving insulin in the California’s 24th Congressional District, the new law will cap monthly copayments for insulin products at $35 per month.
  • The Inflation Reduction Act finally allows the government to negotiate lower drug prices from pharmaceutical companies.  If the Inflation Reduction Act’s drug pricing provisions had been fully in effect in 2020:
  • The total cost of prescriptions filled by Medicare beneficiaries in the district could have been $31 million lower.
  • Medicare beneficiaries in the district could have saved a total of $9 million in reduced premiums and out-of-pocket costs.

 

The Inflation Reduction Act also provides a range of incentives to consumers to relieve the high costs of energy and decrease utility bills, including direct consumer incentives to buy energy efficient and electric appliances, vehicles, and HVAC systems.

More information on the Inflation Reduction Act can be found here.


Rep. Salud Carbajal represents California’s 24th congressional district, encompassing Santa Barbara, San Luis Obispo and part of Ventura County. He sits on the House Armed Services Committee, Agriculture Committee, and Transportation and Infrastructure Committee, where he serves as the Chair of the Subcommittee on Coast Guard and Maritime Transportation. 

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edney Sep 15, 2022 10:48 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

Without taking sides GOP and Democrat, my personal view is "show me".
On paper the Democrats say we are all going to save and the GOP say it'll cost more.
Or GOP say savings and Democrats say cost more.

My experience is that both play a game with numbers because costs almost never go down (which is easy to measure) the costs instead go "less high" which is impossible to calculate accurately

Chevy67 Sep 15, 2022 11:08 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

@Pit - let's settle this debate with some facts.

"In his second year in office, Joe Biden receives generally positive ratings in the countries surveyed by the Center. In most of these places, Biden’s ratings are higher than those of his predecessor in the White House, Donald Trump, but lower than his own ratings in 2021."

"A median of 58% of adults across 18 countries say they have confidence in Joe Biden to do the right thing regarding world affairs."

Source: https://www.pewresearch.org/fact-tank/2022/07/25/international-opinion-of-joe-biden-in-6-charts/

sacjon Sep 15, 2022 09:56 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

PITLOCAL - lol you mean like "lEtS gO bRanDon!"? Yeah nope. Making fun of an elderly man for his speech impediment or other elderly gaffes, is hardly a "deep dig" nor are they made by our allies and people around the world. The childish, low-brow, ageist and ableist Biden "jokes" are only spouted by spiteful conservatives. We, as a nation, are hardly the same target of humor and disdain as we were under the last guy. Nice try though.

edney Sep 13, 2022 06:07 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

If you limit corporations, then you have to limit the unions.
Both are considered groups of people.
Corporations are made up of employees (including union workers) and the corporation has interests that benefit the group. Speaking generally, a successful corporation will keep people working, buys goods and services from others etc.
Unions are made up of union bosses and heirarchy that get compensated by the union dues in measure of how well the union does in salary negotiations and membership growth; and by the rank and file union members. The interests of the union are corporate. Union, corporate are similar.
Corporations of people are in union even if not in a "union"

MarcelK Sep 15, 2022 12:46 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

That top 1% have as much wealth as the bottom 50% is just fine because they are both "groups of people".

"Corporations are made up of employees (including union workers) and the corporation has interests that benefit the group."

That's a complete lie. Corporations are fictitious entities. By law they have a fiduciary responsibility to their owners or stockholders, not their employees.

Voice of Reason Sep 14, 2022 07:06 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

Another swoop in with a one liner and some buzzwords they heard on TV yet unable to articulate the thought or provide an example. As much as people didn’t like the SC Roe ruling, it gave more power to the states and their voters, the exact opposite of a “Putin-style kleptocracy”. Also completely ignores Dems receive significantly more Dark Money than conservatives and just recently refused to take up legislation limiting it even though they have the power/votes to pass it.

CoastWatch Sep 13, 2022 08:14 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

The reason health care (health insurance) is so freaking expensive is that if you have insurance, you are paying for all those WITHOUT any insurance... The hospitals are a business. There ain't any free rides for those who "play by the rules", in fact you are penalized for it... The hospital will GO AFTER YOU to pay your deductible RELENTLESSLY....Those who walk in the ER or are stabbed, shot, victims of car accidents, etc that don't have insurance, DON'T PAY A DIME...! That is a fact.

ChillinGrillin Sep 13, 2022 04:35 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

VOR: The Supreme Court, in its infinite wisdom, ruled 5-4 in Citizens United v. FEC (2010) that limiting corporate contributions to political campaigns somehow violates their free speech rights, given the legal fiction that corporations have the same legal standing as people. Conservative SCOTUS justices put into precedent what we all already knew: that wealthy companies and individuals have a far larger say in policy decisions than average citizens.

ChillinGrillin Sep 13, 2022 04:47 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

BasicInfo: The glaring difference is that one policy makes economic sense, the other doesn't. "Trickle down economics" and tax breaks for the wealthy have an abysmal record of creating jobs and improving the overall economy. This checks out, given that tax breaks for the wealthy and corporations benefit very few people, who will turn around and likely spend the money on luxury goods, vacations, stock buybacks, or as extra zeroes in an offshore bank account. Improvements in the social safety net and public benefit programs help far more people, who turn around and use the money on food, shelter, and essential goods, with that spending having more of an overall beneficial impact on the economy. Sure, borrowing and spending is bad policy regardless, but if we're going to do it, it should have the widest public benefit possible and address broad issues that have little to no public sector solutions (i.e. child poverty, climate change, better healthcare).

SBTejano Sep 13, 2022 03:13 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

BOHECA II,
Checked out the S&P today? Almost down 4% valuation. This is a real problem, costing a lot to everyone. Suggest putting personalities and politics aside and put the brakes on anymore nutty spending. Next thing, left any and all moratoriums on drilling and fracking on federal lands. Next thing, plan for 3 more nuclear plants to be online ASAP.
That’s about it, oh ya, seal off the border to any and all illegal entry.
Yep, that’s what it’s gonna take, otherwise welcome to TJ del Norte…vamonos!

Voice of Reason Sep 13, 2022 02:32 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

Per the nonpartisan Congressional Budget Office the so called Inflation Reduction Act will______ "In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates." _______ So tell me again how it's only those 'right-wingers' who are disinformation experts? https://www.budget.senate.gov/imo/media/doc/58357-Graham.pdf

Voice of Reason Sep 14, 2022 11:20 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

If we got into it, not the room here, the current Democratic party exudes way more fascists traits [centralized autocracy, forcible suppression of opposition, belief in a natural social hierarchy, subordination of individual interests for the perceived good of the nation] than the prior president ever did. Being an A-Hole (with a capital A) doesn't make someone a fascist.

sacjon Sep 14, 2022 09:02 AM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

VOICE - I think there were MANY examples that are easily cited of fascist-like tendencies in the past administration, it's not that we just "disagree." Some examples: discrediting and delegitimizing elections, rallies against immigrants, proposing banning all Muslims, emphasizing with white supremacists (and even hiring some), doing NOTHING for 3 hours as thousands of his supporters violently attack the Capitol and attempt to stop democracy while hunting for the Vice President because he didn't support the illegal demands of his "boss," etc etc etc

By attacking our democracy at every turn and espousing clearly racist beliefs and even attempting to implement them into policy, one could very easily argue he had fascist tendencies.

Of course, I don't expect to change your mind and you'll likely rebut out of pure spite, as there is no honest way to explain the things he did that I listed above.

GeneralTree Sep 13, 2022 03:29 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

Trump was asked about this risk during a virtual discussion with the Economic Club of New York October 2021. “If we have another stimulus bill out of Congress, are you worried that the entire amount of federal debt will be too large for us to pay off in a sensible way?” asked David Rubenstein, a private equity executive.

Trump answered by falsely claiming that the U.S. was starting to pay off the national debt before the pandemic, and he claimed that future economic growth would let it do so. “I think you’re going to see tremendous growth, David, and the growth is going to get it done,” Trump said.

Two months later, when Congress finally approved $900 billion of economic stimulus that is being financed with debt, Trump challenged Congress to spend — and borrow — even more. Then he went golfing.

GeneralTree Sep 13, 2022 03:27 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

By the end of 2019, the debt had risen to $23.2 trillion and more federal officials were sounding the alarm. “Not since World War II has the country seen deficits during times of low unemployment that are as large as those that we project — nor, in the past century, has it experienced large deficits for as long as we project,” Phillip Swagel, director of the CBO, said in January 2020.

GeneralTree Sep 13, 2022 03:27 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

The tariffs did bring in additional revenue. In fiscal 2019, they netted about $71 billion, up about $36 billion from President Barack Obama’s last year in office. But although $36 billion is a lot of money, it’s less than 1/750th of the national debt. That $36 billion could have covered a bit more than three weeks of interest on the national debt — that is, had Trump not unilaterally decided to send a chunk of the tariff revenue to farmers affected by his trade wars. Businesses that struggled as a result of the tariffs also paid fewer taxes, offsetting some of the increased tariff revenue. By the end of 2019, the debt had risen to $23.2 trillion and more federal officials were sounding the alarm. “Not since World War II has the country seen deficits during times of low unemployment that are as large as those that we project — nor, in the past century, has it experienced large deficits for as long as we project,” Phillip Swagel, director of the CBO, said in January 2020.

GeneralTree Sep 13, 2022 03:26 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president. The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war. The combination of Trump’s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar. So when the once-in-a-lifetime viral disaster slammed our country and we threw more than $3 trillion into COVID-19-related stimulus, there was no longer any margin for error.
When Trump took office in January 2017, the nonpartisan Congressional Budget Office was projecting that federal budget deficits would be 2% to 3% of our gross domestic product during Trump’s term. Instead, the deficit reached nearly 4% of gross domestic product in 2018 and 4.6% in 2019.

There were multiple culprits. Trump’s tax cuts, especially the sharp reduction in the corporate tax rate to 21% from 35%, took a big bite out of federal revenue. The CBO estimated in 2018 that the tax cut would increase deficits by about $1.9 trillion over 11 years.

Voice of Reason Sep 13, 2022 02:46 PM
Rep. Carbajal Releases Reports Showing the Inflation Reduction Act Will Lower Health Care Costs for Local Families

You mean the $2.4 trillion dollar tax reform bill that benefited low and middle income earners significantly more than the "rich". That one? _______ "Filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.

Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. "

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