Savings Explorer tool highlights savings made possible by the Inflation Reduction Act and other key initiatives
MADISON, Wis. – The White House has released a new tool giving Wisconsinites the ability to see how policies championed by the Biden administration and Democrats in Congress are already lowering costs and providing significant savings to working families, seniors, and more.
“Today, Wisconsinites are already benefiting from new economic policies that let working families and seniors keep more of their hard-earned money,” said Opportunity Wiscosnin Program Director Meghan Roh. “Whether it’s lowering health care premiums, making prescription drugs more affordable, or making it easier for families to afford child care, these policies are strengthening our economy and growing the middle class.”
The Savings Explorer tool is available online here and walks visitors through key savings in categories including health care, clean energy, student loans, junk fees, and basic necessities. Some examples of savings that can be compiled using the new tool include:
Average savings of $800 per person per year thanks to expanded tax credits for those who purchase health insurance policies through the insurance marketplace.
$500 per year in average savings for a Medicare enrollee on insulin thanks to the new $35 cap on monthly costs.
New tax credits for making energy efficient improvements to homes, which also lower long-term energy costs while improving health and safety.
New Consumer Financial Protection Bureau rules to cap overdraft fees and excessive credit card late fees.
Families who are eligible can save an average of $2,400 per year on child care thanks to a new cap on costs for qualifying families.
An average of $900 per year in savings for homebuyers and homeowners with a Federal Housing Administration-insured mortgage.