Washington, DC — Today, Protect Our Care is releasing 50 state-by-state fact sheets outlining how the Inflation Reduction Act reduces health care costs for the American people — with even more savings on the way as the law’s provisions to give Medicare the power to negotiate and cap seniors’ prescription drug costs take effect. The fact sheets use new United States Department of Health and Human Services (HHS) data showing just how impactful the law has become for people across the nation.
“This data shows how much money Americans will save on their prescription drug and health care costs because of the leadership of President Biden and Congressional Democrats,” said Protect Our Care Chair Leslie Dach. “At a time when people are worried about the cost of living and rising health care costs, the Biden administration is working tirelessly to expand access to affordable health care. Meanwhile, big drug companies and their Republican allies in Congress are doing everything in their power to roll back this progress and hike costs for the American people. It’s a shame that Republicans continue to prioritize drug company profits over the health and financial well-being of hard-working people.”
For example, here are the key numbers for Wisconsin:
BY THE NUMBERS
- 298,750 Wisconsinites will save an average $474.91 thanks to the Inflation Reduction Act’s $2,000 annual out-of-pocket cost cap, effective in 2025. Last year, 788,856 Wisconsinites spent an average of $453 out-of-pocket on prescription drugs.
- 31,935 Wisconsinites on Medicare who use insulin are now charged no more than $35 per month for an insulin prescription.
- 181,848 Wisconsinites are saving an average of $531 on monthly health insurance premiums.
- 935,961 of Wisconsin’s seniors are able to receive the shingles vaccination and other recommended vaccinations free of cost.
- 1,439,080 of Wisconsin’s Medicaid beneficiaries will have access to expanded vaccine coverage.
- 19 million people with Medicare will save an average of $400 thanks to the Inflation Reduction Act’s $2,000 annual cost caps alone.
The new reports come as new polling shows that the health care measures in the Inflation Reduction Act are the most popular in the entire bill. From Maine to Hawaii, seniors are benefitting from the law’s monthly insulin cap and no-cost vaccinations. Families purchasing insurance on their own are saving hundreds of dollars a month on their premiums. The Inflation Reduction Act has also taken immediate action to stop drug companies from raising Medicare drug prices faster than the rate of inflation, protecting people on Medicare from exorbitant price increases. Soon, Medicare will have the power to negotiate lower prices for some of the costliest medications on the market.