What's in it for you? Five cash benefits in the Democrats' climate and health bill

What's in it for you? Five cash benefits in the Democrats' climate and health bill

Aug 10, 2022 1 min, 13 secs

WASHINGTON — The Democratic spending bill making its way through Congress includes a series of benefits for consumers, including tax credits for clean energy household products and electric vehicles, as well as savings on prescription drugs and health insurance premiums.

The legislation includes over $400 billion in spending on energy and health care programs, with more than $700 billion in revenue through drug savings and higher taxes on corporations.

The credit would drop for vehicles that don't meet all the requirements for electricity power and mineral or battery components, according to details provided to NBC News by the Senate Finance Committee.

The bill includes a grab-bag of benefits to encourage the use of clean energy items in homes over the next decade.

That includes “solar electric, solar water heating, fuel cell, and small wind energy, and geothermal heat pumps,” according to the Senate Finance Committee.

The legislation would replace a lifetime cap on credits with a $1,200 annual credit ceiling, offering $600 for energy-efficient windows and $500 for doors.

For Medicare beneficiaries, the legislation would impose a $35 monthly cap on the cost of covered insulin products starting in 2023.

A Health Affairs study last month found that 41% of people who use insulin were on Medicare.

The bill would prevent a sharp hike in health insurance premiums for Affordable Care Act plans that were scheduled to hit next year by extending enhanced funding for the ACA that was passed under the American Rescue Plan for three more years, through the end of 2025

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