Larson: One Year Later, the Inflation Reduction Act is Lowering Costs for Families and Seniors

East Hartford, CT – Today, Rep. John B. Larson (CT-01) released the following statement on the one-year anniversary of the signing of the Inflation Reduction Act, landmark legislation Democrats passed last year to lower health care costs, create good-paying jobs, deliver the most significant action on climate in history, and dramatically reduce the deficit. 

“I was proud to work with my Democratic colleagues to pass the Inflation Reduction Act in Congress, and in the past year, Connecticut families have seen a difference,” said Larson. “We have heard horror stories of people having to cut back or skip doses of their medication because it is too expensive. Because of our efforts to cap the price of insulin, thousands of seniors in my District are saving more than $500 this year, and the three largest insulin manufacturers have followed our lead to lower out-of-pocket costs for all consumers.  

“More than a decade after the Affordable Care Act became law, we built on that progress with this legislation to achieve the lowest uninsured rate in our nation’s history. Today, four in five Americans can find a health care plan for less than $10 per month, and Medicare will finally be allowed to negotiate lower drug costs for seniors, which I have been fighting for over the last twenty years,” Larson continued. “I remain committed to lowering prescription drug prices for everyone and am cosponsoring legislation to extend these cost-saving measures to Americans on private insurance. 

“I am also extremely proud the Inflation Reduction Act is the most significant action to tackle climate change in our nation’s history. I joined my colleagues on the Ways and Means Committee to enact new incentives to slash carbon emissions and unleash the power of American-made clean energy, including my legislation to support clean hydrogen, a critical industry for our environment and Connecticut’s manufacturing economy. One year later, the Inflation Reduction Act is giving families more breathing room by lowering household bills and investing in new manufacturing jobs,” Larson concluded. 

Because of the Inflation Reduction Act: 

• 2,200 CT-01 Medicare beneficiaries who use insulin are saving an average of $560 annually, 

• the average enrollee on the Access Health CT exchange in Rep. Larson's district is saving $1,830 in premiums this year, 

• $25 million has been invested in Connecticut-based clean energy projects, 

• and the deficit is projected to fall by over $200 billion.