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Following passage in both the U.S. Senate and House of Representatives on August 16, President Biden signed the Inflation Reduction Act of 2022 into law. The bill includes a three-year extension of the enhanced premium subsidies for qualified health plans (QHPs) established by the American Rescue Plan Act of 2021. The enhanced subsides cap spending on medical premiums for a silver plan at 8.5% of income and removes the cap on subsidy eligibility originally set at 400% of the Federal Poverty Level. Enhanced subsidies will now continue through 2025. An amendment was proposed by Sen. Sanders (I-VT) to add a dental benefit to Medicare as part of the package but was voted down (3-97). Most Democratic senators, including those who co-sponsor separate bills on dental in Medicare, voted against the amendment to maintain the support of Sen. Manchin (D-WV) and Sen. Sinema (D-AZ) who opposed any changes to the bill.
Additionally, the bill includes changes to Medicare payments for prescription drugs, sets a 15% corporate minimum tax, and climate change initiatives. For more information see the links below. Contact Director of Government Relations Owen Urech with questions or comments.
Links
Inflation Reduction Act Full Text
IRA One Pager
Center for a Responsible Federal Budget Summary
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