Today, U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra and Centers for Medicare & Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure issued the following statements after President Biden signed the Inflation Reduction Act into law:

Secretary Xavier Becerra: “Since day one, the Biden-Harris Administration has made clear that making health care more accessible and affordable is a top priority. Under this Administration, more Americans than ever before have health insurance through Affordable Care Act coverage.

“Now, President Biden has signed into law one of the most consequential pieces of legislation in our lifetimes that will lower health care costs for millions of Americans. With the Inflation Reduction Act as law of the land, we will reduce drug costs for the more than 63 million people across the country with Medicare, and 13 million people covered under the Affordable Care Act will save $800 per year on their health insurance.

“At HHS, we are prepared to implement the Medicare drug negotiation and Part D redesign provisions of the Inflation Reduction Act. We are working closely with Congress to make sure that the task before us will be done to the highest standard, with all the necessary resources and expertise in place.

“I thank everyone who has been in the fight advocating for these health care provisions for decades. Today, a new chapter of our work begins, and we stand ready to continue making high-quality, affordable health care within reach for everyone.”

CMS Administrator Chiquita Brooks-LaSure: “The historic Inflation Reduction Act builds on the Biden-Harris Administration’s efforts to meaningfully lower health care costs for people across the country.  Millions of people with Medicare coverage will benefit from lower drug prices, a $35 monthly co-pay cap for insulin, a limit on out-of-pocket expenses in Medicare Part D, and reduced costs under Medicare’s new ability to negotiate drug prices in the years ahead. In addition, the enhanced tax credits for the Affordable Care Act Marketplaces will continue for three years to help people afford their premiums and connect to coverage during the upcoming 10th Open Enrollment Period. CMS will be working with people covered by our programs, health industry stakeholders, states, and more as we work to make the law a reality for people across the country.”