Rising costs are weighing on everyone’s minds. Coloradans like me are being stretched far too thin with everyday costs that keep going up. Most notably, the cost of health care has gone from inconvenient to unbearable. Too many families are being forced to make the difficult decision between putting food on the table or keeping the lights on and buying the critical medication they need to stay alive.

Roughly half of U.S. adults report that they put off or skipped some type of care in the past year due to cost, and 53% of Coloradans are worried about being able to afford the prescriptions they rely on. In the wealthiest nation on earth, no one should have to choose between keeping a roof over their head and affording the health care or prescription drugs they need to stay healthy and stay alive.

As someone who has been a type 1 diabetic for more than 50 years, I know firsthand the stress and anxiety caused by the ever-increasing costs of prescription drugs. I know what it is like to have to decide whether to pay your bills or to buy your medicine. The seriousness of this only grows when you have children, whose needs come first.

Thankfully, the tides are turning. Colorado’s representatives in Congress, including U.S. Sens. Michael Bennet and John Hickenlooper, just passed the historic Inflation Reduction Act that will lower health care costs for millions.

The Inflation Reduction Act, championed by President Joe Biden and Democrats, will lower health care premiums by extending Affordable Care Act (ACA) financial assistance for three years, lowering prescription drug prices for millions of people like me and protecting Coloradans on Medicare from Big Pharma’s exorbitant price hikes.

Thanks to this legislation, families will save thousands on their health care premiums. Last year, many of us who buy insurance on our own noticed our health care premiums went down after Democrats in Congress passed legislation guaranteeing coverage that costs less than 8.5% of income. These tax credits in the American Rescue Plan allowed millions of enrollees to find a quality plan for $10 or less per month and saved families an average of $2,400 a year on our insurance premiums.

These premium savings helped drive record enrollment in 2021: more than 14.5 million Americans purchased health coverage through the Affordable Care Act (ACA) marketplaces – an all-time high for the nation. In Colorado alone,197,516 enrolled in quality coverage. The Inflation Reduction Act avoids major premium hikes by extending these tax credits, so that nearly 13 million people, or 89% with an ACA plan, will continue receiving enhanced tax credits, making their coverage affordable and accessible.

The Inflation Reduction Act also finally reins in Big Pharma’s greed and drives down drug prices for millions. While drug companies continue to hike prices year after year, Coloradans are still paying 65% more for their prescription drugs than people in other countries. Thankfully in Colorado, we passed Senate Bill 21-175 to create a Prescription Drug Affordability Board to help limit the costs of the most unaffordable drugs.

Now, thanks to Democrats’ legislation, we will put an end to the status quo by giving Medicare the power to negotiate lower drug prices nationally and cap seniors’ out-of-pocket costs. This means, people who are heavily burdened by inflation drug costs, like senior citizens, will no longer need to ration their medication. Once Medicare begins negotiating those prescription prices, it is logical that the rest of us will have similar relief at the prescription window.

Unfortunately, a provision that I personally advocated for and that made it through the Senate to cap the copay for insulin at $35 was removed by Republicans. More than 30 million Americans have diabetes and nearly 7% of Coloradans live with this condition. Insulin costs continue to soar while drug companies keep raking in larger and larger profits; this is truly a slap in the face to patients like myself.

Despite the hundreds of millions spent by the pharmaceutical lobby, Democrats were able to pass legislation that will reduce the costs of other lifesaving medicines. This is exactly the kind of legislation voters have been asking for from across the political spectrum. It is time to include insulin so that all that need it can afford it.

Overall, the Inflation Reduction Act will help level the playing field for working families in Colorado and delivers more affordable care to Americans from all walks of life, including older adults, people with disabilities, people in rural communities, people of color, and patients like me.

Gail deVore has had type 1 Diabetes for more than 50 years and has volunteered for decades to educate and advocate on behalf of diabetics across Colorado and the U.S. She was involved in the recent enactment of an insulin copay cap and insulin pricing legislation in Colorado.