Inflation Reduction Act aims to help with rising healthcare costs

RALEIGH, N.C. (WTVD) -- Proponents say the recently signed Inflation Reduction Act will help more than 625,000 North Carolinians save money on their health insurance premiums.

A component of the law is meant to help those who rely on insulin to combat diabetes and is capping copays to $35 a month for Medicare patients.

"This provision alone will help more than 116,000 North Carolinians. No one should have to choose between their health and their financial security," said Congresswoman Deborah Ross, a Democrat.

The law additionally lowers the cost of prescription drugs. It is going to cap the amount that Medicare recipients pay to $2,000 a year.

A study by Kaiser found that in 2019, 1.2 million Medicare recipients spent an average of $3,216 a year.

However, a leading pharmaceutical group was critical of the new law.

"The president signed into law a partisan set of policies that will lead to fewer new treatments and doesn't do nearly enough to address the real affordability problems facing patients at the pharmacy," said Stephen J. Ubl, President and CEO of the Pharmaceutical Research and Manufacturers of America. "We will explore every opportunity to mitigate the harmful impacts from the unprecedented government price-setting system being put in place by this law. We will continue to advocate for policies that give patients better and more affordable access to lifesaving treatments and for a system that supports innovation."

Kerry Wiggins, of Winston-Salem, is doing what she can now to stay healthy.

Diabetes runs in her family. Her sister is fighting the diseases and having issues with extremities.

"I have an aunt that went blind from diabetes so it is a concern to me," said Wiggins. "I have to make sure I'm taking care of myself. I have to be that example for my family here, for my son and my grandchildren, so I have to make sure that I'm eating healthy. I'm making good choices. I'm following up with the doctor trying to go whatever I can to offset having diabetes because it does run in our family."