The Inflation Reduction Act, signed into law on Tuesday by President Biden, will benefit women for years to come.

The new law will limit the amount Medicare recipients have to pay out of pocket for drugs to $2,000 annually—a major benefit for older women, because they’re the majority of older Americans. The bill also empowers the Health and Human Services Secretary to negotiate prices for drugs covered under Medicare, and punish pharmaceutical companies that don’t play by the rules. Younger women below Medicare age will also benefit from other provisions in the Inflation Reduction Act, like subsidies that cover medical insurance premiums.