The Inflation Reduction Act is expected to aid in the affordability of healthcare for Wisconsin residents.
The Inflation Reduction Act guaranteed the extension of Affordable Care Act (IRA) subsidies, which were implemented as part of Biden’s American Rescue Plan in 2021 but had been set to expire at the conclusion of this year. The Inflation Reduction Act will indeed extend them until 2025.
Nearly 10 million Americans nationwide are impacted by the continuation of the subsidies under the IRA, including 150,000 Wisconsin residents who have benefited from affordable insurance premiums due to the extension. The IRA will also help to make healthcare more affordable for over 900,000 Wisconsin seniors covered by Medicare Part D by lowering drug costs for many Part D beneficiaries.
For Medicare recipients, the bill imposes a monthly insulin cost cap of $35. In contrast to previous years, some Medicare recipients spend more than $100 per month on insulin.
Furthermore, beginning in 2023, all vaccines covered by Medicare Part D will be completely free.
Starting in 2025, the Inflation Reduction Act will also protect hundreds of thousands of Wisconsin residents from catastrophic drug costs by capping out-of-pocket costs for Medicare beneficiaries at $2,000 each year.
This will benefit approximately 30,000 Wisconsin Medicare beneficiaries who would otherwise see out-of-pocket costs above the cap each year.
For the first time, all 894,000 Wisconsinites with Medicare Part D will have peace of mind knowing that their pharmacy costs are capped.
Beginning in 2026, Medicare must negotiate the cost of ten high-cost prescription drugs, with additional drugs added in subsequent years.
The Inflation Reduction Act will help hundreds of thousands of Wisconsinites for years to come.