Funviralpark “Happy New Year everyone,” the president tweeted as the clock struck midnight on New Year’s Day. because you can.”
Biden began by pointing out that Medicare’s monthly cap on insulin costs for diabetics will go into effect on January 1.
The president tweeted, “At this time, Medicare subscribers will be capped at $35 a month for insulin. ‘$35. That’s it.’
At this point, a Medicare subscriber’s monthly insulin supply is limited to $35. $35.
that’s it.
— President Biden (@POTUS) January 1, 2023
According to a 2020 analysis by the Kaiser Family Foundation (KFF), the provision will bring relief to about 2 million Americans who owe an average of $572 a year out of pocket for insulin.
The insulin cap was included in the Inflation Reduction Act, the Democratic landmark climate change and health care bill that Biden signed into law last August.
“With this landmark legislation, beginning January 1, Americans will begin to benefit from the additional cost-cutting measures of the Inflation Reduction Act,” the president said in a late December statement posted on the White House website. would,’ he said.
AFP by Saul Loeb/Getty Images
Biden said on Sunday that starting Jan. 1, drug companies that raise drug prices faster than inflation will have to pay rebates to Medicare.
“We are putting the brakes on how high and how fast Big Pharma can raise drug prices,” he wrote. You will face big penalties.”
The president highlighted another provision of the Inflation Reduction Act, noting that Americans can now receive tax credits for installing more energy-efficient appliances in their homes.
“Electric ovens, solar panels, heat pumps and more. Save money while fighting climate change.”
Starting now, you can get tax credits to install more energy-efficient appliances in your home. Electric ovens, solar panels, heat pumps, etc.
Save money while fighting climate change.
Want to learn more? Please visit https://t.co/uUmMVlZcbs.
— President Biden (@POTUS) January 1, 2023
Those in the car market can now also get tax credits for buying new or used electric vehicles, Biden added.
The clean vehicle tax credit is available “for those who purchase and use a new eligible plug-in electric vehicle (EV) or fuel cell vehicle (FCV) after January 1, 2023 and meet certain income limits. and worth up to $7,500.” According to the Internal Revenue Service (IRS).
Biden concluded in a Twitter thread: is just beginning. This is his 2023 and the work we will be doing together. ”
There’s more — across the country you’ll see us build new bridges, clean out lead pipes, and get people online. I guess. just started.
This is the work we are trying to do together towards 2023.
— President Biden (@POTUS) January 1, 2023
Newsweek I have reached out to the White House for further comment.
