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House passes bill extending ACA subsidies, allowing Medicare drug price negotiations

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The Home of Representatives on Friday handed the Inflation Discount Act, extending boosted Reasonably priced Care Act subsidies and giving the federal authorities a brand new energy to barter drug costs.

The invoice, which handed on social gathering traces in a 220-207 vote, will now head to President Joe Biden’s desk. He’s anticipated to signal it into legislation this week.

Home Speaker Nancy Pelosi, D-Calif., referred to as the invoice “historic and transformative” in a information convention held earlier than the Home vote.

The over $700 billion invoice seemed useless on the Senate ground till Democrats introduced in late July that they had efficiently negotiated with Sen. Joe Manchin, D-W.Va. The monthslong negotiations got here to fruition in early August when the invoice handed the Senate in a tied vote damaged by Vice President Kamala Harris.

The Inflation Discount Act extends enhanced ACA subsidies initially granted by the American Rescue Plan into 2025, defending hundreds of thousands of Individuals from an anticipated premium hike on the finish of the yr.

It additionally permits Medicare to start out negotiating the value of some prescription drug costs starting in 2026 and caps Medicare Half-D out-of-pocket prices in 2025. In a transfer to additional cut back drug costs, the invoice additionally imposes penalizing rebates on pharmaceutical producers who hike drug prices above the speed of inflation beginning in 2023.

Though Senate Republicans eliminated a provision that may instill a $35 cap on insulin for Individuals with personal insurance coverage, the invoice features a $35 cap on insulin for sufferers with Medicare.

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