FOR IMMEDIATE RELEASE

Media Contact
Janel Knight Trulear
janel@emccommunications.com
(617) 875-6581

Small business group: Inflation Reduction Act delivers healthcare cost relief, benefiting Main Street businesses

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle on the impact of the Inflation Reduction Act on prescription drug costs and healthcare accessibility ahead of Biden-Harris Administration event in New Hampshire

WASHINGTON, D.C., October 22, 2024— “For years, small business owners have grappled with rising healthcare and prescription drug costs, forcing difficult decisions about coverage. The Inflation Reduction Act is now addressing these long-standing issues, with concrete results that benefit not just small businesses, but the entire economy.

“A new Department of Health and Human Services reportshows that in just six months, nearly 1.5 million Medicare enrollees saved almost $1 billion on prescription drugs due to the IRA’s out-of-pocket cost cap. This cap is expected to exert downward pressure on overall drug prices, creating a ripple effect of cost savings across the healthcare system.

“The IRA also strengthens the Affordable Care Act, leading to record-high health insurance coverage and average premium savings of $800 per year for millions. These policies, along with Medicare drug price negotiations and the $35 insulin cost cap, deliver tangible benefits to small business owners, their employees, and families nationwide.

“By reducing healthcare burdens on small businesses, these smart policies free up resources for growth and job creation, driving economic prosperity. We urge lawmakers to continue finding ways to lower healthcare costs, recognizing that a healthy small business sector is crucial for a thriving American economy.”

To request an interview with Small Business for America’s Future Senior Advisor Rhett Buttle, contact Janel Knight Trulear at (617) 875-6581 or janel@emccomunications.com.  

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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.