Department of Health and Human Services: “about 299,000 Wisconsinites will save an average of $475 per year on prescription drug costs”
Friday, February 9, 2024
MADISON, Wis. – In case you missed it, a new report from the U.S. Department of Health and Human Services details how Wisconsinites are already saving money on prescription drug costs thanks to the Inflation Reduction Act.
According to the report, nearly 300,000 Wisconsinites will save an average of $475 a year on prescription drugs beginning next year. The report also details how Wisconsin’s 1.3 million Medicare recipients are already benefiting from the Inflation Reduction Act’s provisions, including:
Tens of thousands of Wisconsin seniors are already benefiting from the law’s cap on insulin costs and free vaccines
In 2024, the changes to Medicare’s prescription drug benefit are expected to save about 234,000 Medicare Part D enrollees in Wisconsin a total of over $66 million.
Nearly 32,000 Medicare Part B and Part D enrollees in Wisconsin would have saved an average of $628 per person in 2020 on their insulin costs under the Inflation Reduction Act.
Over 81,000 Medicare Part D enrollees in Wisconsin would have saved an average of $80 in 2021 on their out-of-pocket costs for vaccines under the Inflation Reduction Act.
Beginning next year, the report also says the Inflation Reduction Act’s annual cap on out-of-pocket prescription drug costs is expected to save about 299,000 Medicare Part D enrollees in Wisconsin a total of nearly $142 million.
Click here to read the full report.
Opportunity Wisconsin Program Director Meghan Roh: “Access to affordable prescription drugs shouldn’t be a luxury. Thanks to the Inflation Reduction Act, hundreds of thousands of Wisconsinites are already able to keep more money in their pocket and afford the prescription drugs they need to stay healthy. As more provisions of the Inflation Reduction Act go into effect, including allowing Medicare to negotiate for lower prescription drug prices, even more families across our state will benefit from this historic law.”
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