More immediately, however, the legislation will affect Americans’ everyday wallets. The law, which passed the House and Senate with support from Democrats on party-line votes, authorizes a federal agency to negotiate with health insurers over the prices of prescription drugs under Medicare, for example, which should reduce the cost of certain drugs for the elderly. MORE: Biden signs landmark anti-inflation bill at White House Further, the measure caps out-of-pocket costs at $2,000 starting in 2025 for people enrolled in Medicare Part D, the prescription drug program for seniors. Beyond health care, the deflation law includes a slew of tax credits and rebates on everything from electric cars to solar power. Americans can determine the financial benefits available to them under the law with the help of a savings calculator created by Rewiring America, a nonprofit that aims to achieve energy efficiency by electrifying “everything in our communities.” After you enter personal information about a given household’s location, size and income, the calculator will share all the savings accessible through the measure. Figure out how much you could save with this link to an Inflation Reduction Act savings calculator, courtesy of Rewiring America. Copyright © 2022 ABC News Internet Ventures.
