The “federal law on reducing inflation” is expected to reduce health care costs for many Vermonters

Vermont Business Magazine Governor Phil Scott today announced that the federal government Law on the reduction of inflation it will help mitigate rising health care costs for many Vermont residents, especially those on Medicare and who purchase health plans on the Vermont health insurance market. The law is expected to be signed into federal law by the President this week.

“The pandemic and inflation have both stressed the health system and increased the cost of care,” Governor Scott said. “While this federal legislation will help us combat these rising costs, my administration is also committed to working with legislators and health care professionals to stabilize the system, make cost increases accessible and sustainable, and reduce the percentage of income spent by the Vermont on health care so they can move forward. “

The law also includes key initiatives to control the rising cost of prescription drugs, which will limit direct costs for Vermonters.

Starting in 2025Vermontans who are on Medicare, including most Vermont seniors over the age of 65, will pay no more than $ 2,000 a year for prescription drugs. Starting in 2023they will pay no more than $ 35 a month for insulin, a drug used to treat diabetes.

Additionally, Vermont citizens covered by Medicare or Medicaid can receive all recommended adult vaccines for free starting next year.

This federal legislation will help seniors afford the prescriptions vital to their health and well-being and will increase subsidies for Vermont people of all ages who purchase insurance plans through the Vermont health insurance market. This should offset most of the recently announced premium increases, which will help stabilize our healthcare system, Governor Scott added.

Young adults are traditionally the most likely to be uninsured, often due to their risk tolerance and insurance costs. The Vermont Household Health Insurance Survey estimates that the number of uninsured Vermonters between the ages of 25 and 34 fell 10% from the fall of 2018 to the fall of 2021, in part due to the reduction of additional federal dollars in the cost insurance for Vermont. The law extends these federal dollars to help eligible Vermonters pay health insurance premiums through 2025.

The grants currently help approximately 23,550 Vermonters who purchase insurance through the Vermont health insurance market, Vermont Health Connect. The Vermonters saved nearly three times the national average thanks to premium care, according to a September 2021 report from the Center for Consumer Information and Insurance Oversight. Vermonters who signed up in the first year that benefits were available saw their premiums drop by $ 186 per month, or 62%.

“We can be proud that Vermont has some of the highest policyholder rates in the nation,” said Jenney Samuelson, secretary of the Vermont Agency of Human Services. “It is imperative that the Vermonters maintain their health coverage as we work to stabilize our health system, a top priority when we emerge from the pandemic.”

“In partnership with other states, Vermont has urged Congress to extend subsidies beyond their current deadline later this year to help Vermonters continue to afford health insurance,” said Andrea De La Bruere. Commissioner of the Vermont Department of Health Access. “Affordable health rewards are a cornerstone of access to health care.”

These grants have already infused more than $ 30 million to lower health insurance premiums for Vermonters across a wide range of income levels. For example, an individual earning $ 25,000 could be awarded the full premium. Families with higher incomes could see an 80% discount on their plan.

ABOUT LAW OF REDUCTION OF INFLATION

The Law on the reduction of inflation (HR 5376), approved by Congress and expected to be signed by President Biden this week, includes a series of measures aimed at reducing cost pressure on Americans, including through prescription drug reform, health subsidies, tax rebates and credits. for energy costs, and more. Click here to view more details at www.congress.gov.

15.8.2022. Montpelier, Vt. – Governor www.vermont.gov

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