FOR IMMEDIATE RELEASE
THURSDAY, OCTOBER 17, 2024
CONTACT: press@opportunitywisconsin.org
As Medicare open enrollment begins, improvements to coverage will save seniors money
Starting in 2025, Medicare recipients will see additional savings on prescription drugs and expanded benefits
MADISON, Wis. – With the beginning of Medicare’s open enrollment period this week, Wisconsin seniors will soon see even more savings on prescription drugs thanks to improvements to the program included in the Inflation Reduction Act.
The Inflation Reduction Act has already capped insulin costs at $35 per month, it gave Medicare the ability to negotiate for lower drug prices, and has begun to crack down on price gouging from pharmaceutical companies. Now, the law’s full cap on out-of-pocket prescription drug costs will go into effect next year, limiting these expenses at $2,000 annually.
With nearly 1.2 million Medicare recipients in Wisconsin, these improvements will help families across the state keep more money in their pockets, and access the care and prescription drugs they need.
“Wisconsin seniors are already saving money thanks to the Inflation Reduction Act’s improvements to Medicare. Now, they’re set to save even more beginning next year thanks to the law’s cap on out-of-pocket prescription drug costs,” said Opportunity Wisconsin Program Director Meghan Roh. “These improvements mean more financial security for seniors and ensure they’re able to access the care they need.”
Medicare’s open enrollment period began Tuesday and runs through December 7th. More information on enrollment and benefits is available in the 2025 edition of Medicare & You.
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