WASHINGTON — Many Americans struggle to keep up with the high cost of healthcare, even with insurance. This week, Congress debated ways to reduce those costs.
Judy Aiken, who has battled psoriatic arthritis and psoriasis for decades, felt the financial burden of her medication.
“Last year alone, I paid over $9,000 out of pocket for just this one medication. The cost was overwhelming,” said Aiken, a retired registered nurse.
Aiken credits significant savings to the Inflation Reduction Act which allowed Medicare to negotiate prices for 10 drugs, reducing costs for many seniors.
“Then came the Inflation Reduction Act with a glimmer of hope,” Aiken said. “This year, my out-of-pocket costs have been capped at $3,300.”
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However, the IRA has faced criticism. Some Republicans and critics call it a reckless spending spree.
“It is too early to call the IRA a success simply because the government got the prices down for ten drugs backed by the threat of a financially ruinous penalty,” said Kirsten Axelsen from the American Enterprise Institute.
Opponents argue the IRA was a rushed, partisan effort by Democrats, labeling the negotiations as bureaucratic price-fixing that hurts competition for American companies.
“Cost control is important. But it can be done better than it’s being done with the Inflation Reduction Act,” Axelsen said.
Pending bills in Congress aim to address healthcare costs further.
These include efforts to increase transparency from healthcare providers and insurance companies and expand healthcare benefits for veterans.
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