On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. This piece of legislation tackled a number of key issues – including the rising cost of healthcare across the country.
Overview of the Inflation Reduction Act
The Inflation Reduction Act covers a lot of ground –healthcare, tax code, clean energy, and everything in between. We wrote this article to carve out the healthcare portions so you can stay informed on new policies intended to keep more money in your pocket.
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Changes to Medicare
If you are one of the 62.6 million Medicare enrollees, get excited! The Inflation Reduction Act includes several big changes for Medicare that will be implemented over the next few years in an effort to combat rising healthcare prices.1
Beginning in 2023, Medicare participants will no longer have to pay for vaccines recommended for adults by the Center for Disease Control (CDC). Medicare Part D enrollees will see a $35 monthly cap on insulin copays and drugmakers could start facing penalties if they increase the cost of a drug more than the rate of inflation.
By 2024, Part D premiums will be capped at a maximum price increase of 6 percent annually through 2029, and the government will expand the eligibility for financial assistance. Enrollees who fall into the catastrophic phase of coverage due to drug costs will not owe any additional copays for the year.
Even more price caps will be added in 2025, with out-of-pocket Medicare drug costs capped at $2,000 annually for traditional Medicare and Medicare Advantage enrollees. Part D members will also have the option to begin spreading out copay costs over the course of a year, so they won’t be faced with extremely high bills at once.
And finally, in 2026, Medicare will be allowed to negotiate the costs of drugs. This policy will also roll out over time. In 2026, Medicare will be allowed to negotiate the price of 10 drugs, which will gradually grow to 60 drugs by 2029.
Changes to health insurance premiums and coverage
The Affordable Care Act (ACA) is a comprehensive health care reform law signed by President Barack Obama in 2010 and created new rules and regulations to make it easier for people to get comprehensive health coverage. Among the changes was the creation of the Health Insurance Marketplace, or “Marketplace,” an online place where people could shop for and enroll in health insurance plans.
At the start of the pandemic, the federal government expanded premium tax subsidies that made buying health insurance on the Marketplace even more affordable, but those subsidies were set to expire on December 31, 2022, and would have caused detrimental effects if not renewed.
Fortunately, these premium tax subsidies were extended through 2025 thanks to the Inflation Reduction Act. Read on to find out how these changes impact your state below. 2
Health Insurance in Alabama
About 219,000 Alabamians with Marketplace coverage will save an average of about $750 annually from the ARP subsidies that the Inflation Reduction Act would continue. It will also allow about 44,000 more Alabamians to obtain health insurance next year compared to without the Inflation Reduction Act.
Health Insurance in Alaska
About 23,000 Alaskans with Marketplace coverage are saving an average of about $1,170 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 4,000 small business owners and self-employed adults in Alaska.
Health Insurance in Arizona
About 200,000 Arizonans with Marketplace coverage are saving an average of about $830 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 31,000 small business owners and self-employed adults in Arizona.
Health Insurance in Arkansas
About 88,000 Arkansans with Marketplace coverage are saving an average of about $870 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 13,000 small business owners and self-employed adults in Arkansas.
Health Insurance in California
An estimated 1.6 million Californians will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 407,000 small business owners and self-employed adults in California.
Health Insurance in Colorado
An estimated 160,000 Coloradans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 37,000 small business owners and self-employed adults in Colorado.
Health Insurance in Connecticut
An estimated 98,000 Connecticuters will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 26,000 small business owners and self-employed adults in Connecticut.
Health Insurance in Washington, D.C.
An estimated 3,000 D.C. residents will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 4,000 small business owners and self-employed adults in D.C.
Health Insurance in Delaware
About 32,000 Delawareans with Marketplace coverage are saving an average of about $1,210 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 4,000 small business owners and self-employed adults in Delaware.
Health Insurance in Florida
About 2.7 million Floridians with Marketplace coverage are saving an average of about $590 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 477,000 small business owners and self-employed adults in Florida.
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Health Insurance in Georgia
About 701,000 Georgians with Marketplace coverage are saving an average of about $600 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 121,000 small business owners and self-employed adults in Georgia.
Health Insurance in Hawaii
About 22,000 Hawaii residents with Marketplace coverage are saving an average of about $850 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 5,000 small business owners and self-employed adults in Hawaii.
Health Insurance in Idaho
An estimated 54,000 Idahoans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 12,000 small business owners and self-employed adults in Idaho.
Health Insurance in Illinois
About 323,000 Illinoisans with Marketplace coverage are saving an average of about $930 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 65,000 small business owners and self-employed adults in Illinois.
Health Insurance in Indiana
About 157,000 Hoosiers with Marketplace coverage are saving an average of about $870 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 27,000 small business owners and self-employed adults in Indiana.
Health Insurance in Iowa
About 72,000 Iowans with Marketplace coverage are saving an average of about $1,170 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 14,000 small business owners and self-employed adults in Iowa.
Health Insurance in Kansas
About 108,000 Kansans with Marketplace coverage are saving an average of about $790 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 20,000 small business owners and self-employed adults in Kansas.
Health Insurance in Kentucky
An estimated 63,000 Kentuckians will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 15,000 small business owners and self-employed adults in Kentucky.
Health Insurance in Louisiana
About 100,000 Louisianans with Marketplace coverage are saving an average of about $1,020 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 20,000 small business owners and self-employed adults in Louisiana.
Health Insurance in Maine
An estimated 59,000 Mainers will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 15,000 small business owners and self-employed adults in Maine.
Health Insurance in Maryland
An estimated 153,000 Marylanders will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 32,000 small business owners and self-employed adults in Maryland.
Health Insurance in Massachusetts
An estimated 212,000 Massachusettsans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 48,000 small business owners and self-employed adults in Massachusetts.
Health Insurance in Michigan
About 304,000 Michiganders with Marketplace coverage are saving an average of about $790 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 54,000 small business owners and self-employed adults in Michigan.
Health Insurance in Minnesota
An estimated 85,000 Minnesotans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 25,000 small business owners and self-employed adults in Minnesota.
Health Insurance in Mississippi
About 143,000 Mississippians with Marketplace coverage are saving an average of about $580 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 21,000 small business owners and self-employed adults in Mississippi.
Health Insurance in Missouri
About 250,000 Missourians with Marketplace coverage are saving an average of about $820 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 49,000 small business owners and self-employed adults in Missouri.
Health Insurance in Montana
About 51,000 Montanans with Marketplace coverage are saving an average of about $990 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 10,000 small business owners and self-employed adults in Montana.
Health Insurance in Nebraska
About 99,000 Nebraskans with Marketplace coverage are saving an average of about $1,180 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 17,000 small business owners and self-employed adults in Nebraska.
Health Insurance in Nevada
An estimated 95,000 Nevadans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 19,000 small business owners and self-employed adults in Nevada.
Health Insurance in New Hampshire
About 52,000 New Hampshirites with Marketplace coverage are saving an average of about $720 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 12,000 small business owners and self-employed adults in New Hampshire.
Health Insurance in New Jersey
An estimated 292,000 New Jerseyans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 60,000 small business owners and self-employed adults in New Jersey.
Health Insurance in New Mexico
An estimated 40,000 New Mexicans will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 8,000 small business owners and self-employed adults in New Mexico.
Health Insurance in New York
An estimated 159,000 New Yorkers will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 56,000 small business owners and self-employed adults in New York.
Health Insurance in North Carolina
About 670,000 North Carolinians with Marketplace coverage are saving an average of about $760 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 106,000 small business owners and self-employed adults in North Carolina.
Health Insurance in North Dakota
About 30,000 North Dakotans with Marketplace coverage are saving an average of about $960 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 6,000 small business owners and self-employed adults in North Dakota.
Health Insurance in Ohio
About 260,000 Ohioans with Marketplace coverage are saving an average of about $810 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 40,000 small business owners and self-employed adults in Ohio.
Health Insurance in Oklahoma
About 189,000 Oklahomans with Marketplace coverage are saving an average of about $720 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 34,000 small business owners and self-employed adults in Oklahoma.
Health Insurance in Oregon
About 147,000 Oregonians with Marketplace coverage are saving an average of about $990 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 29,000 small business owners and self-employed adults in Oregon.
Health Insurance in Pennsylvania
An estimated 346,000 Pennsylvanians will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 79,000 small business owners and self-employed adults in Pennsylvania.
Health Insurance in Rhode Island
An estimated 29,000 Rhode Islanders will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 5,000 small business owners and self-employed adults in Rhode Island.
Health Insurance in South Carolina
About 300,000 South Carolinians with Marketplace coverage are saving an average of about $720 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 46,000 small business owners and self-employed adults in South Carolina.
Health Insurance in South Dakota
About 41,000 South Dakotans with Marketplace coverage are saving an average of about $1,040 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 6,000 small business owners and self-employed adults in South Dakota.
Health Insurance in Tennessee
About 274,000 Tennesseans with Marketplace coverage are saving an average of about $720 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 50,000 small business owners and self-employed adults in Tennessee.
Health Insurance in Texas
About 1.8 million Texans with Marketplace coverage are saving an average of about $560 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 295,000 small business owners and self-employed adults in Texas.
Health Insurance in Utah
About 257,000 Utahns with Marketplace coverage are saving an average of about $640 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 28,000 small business owners and self-employed adults in Utah.
Health Insurance in Vermont
An estimated 25,000 Vermonters will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 6,000 small business owners and self-employed adults in Vermont.
Health Insurance in Virginia
About 308,000 Virginians with Marketplace coverage are saving an average of about $850 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 53,000 small business owners and self-employed adults in Virginia.
Health Insurance in Washington
An estimated 187,000 Washingtonians will save hundreds of dollars on average on their Marketplace health care premiums next year thanks to the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 46,000 small business owners and self-employed adults in Washington.
Health Insurance in West Virginia
About 23,000 West Virginians with Marketplace coverage are saving an average of about $1,530 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 4,000 small business owners and self-employed adults in West Virginia.
Health Insurance in Wisconsin
About 212,000 Wisconsinites with Marketplace coverage are saving an average of about $1,080 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 38,000 small business owners and self-employed adults in Wisconsin.
Health Insurance in Wyoming
About 35,000 Wyomingites with Marketplace coverage are saving an average of about $1,390 annually from the ARP subsidies that the Inflation Reduction Act would continue. ACA coverage plays a critical role in providing affordable health coverage to 6,000 small business owners and self-employed adults in Wyoming.
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Individual health insurance through Woligo
The annual Open Enrollment Period (OPE) for comprehensive individual health insurance runs from November 1 – January 15 each year.
Woligo’s licensed team of product-trained enrollers can help you complete the enrollment process. We will review product options, plan features and network and provider limits to ensure the plan selected meets your needs.
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