Thanks to the Inflation Reduction Act, Nearly 19 Million People Across the Country Will Save $400 Per Year on Out-of-Pocket Prescription Drug Costs
WISCONSIN — Today, the U.S. Department of Health and Human Services (HHS) released a new report projecting that 298,750 Wisconsinites enrolled in Medicare Part D will save an average of $474.91 on their prescription drug costs thanks to the Inflation Reduction Act’s out-of-pocket prescription drug spending cap, which goes into effect in 2025. This comes as the Biden administration announces important new executive actions to lower health care costs and protect people with pre-existing conditions. In a speech later today, President Biden is expected to highlight new actions to eliminate surprise medical bills and limit junk insurance plans that do not need to cover people with pre-existing conditions like asthma, cancer, and diabetes.
In response, Protect Our Care Wisconsin State Director Joe Zepecki issued the following statement:
“President Biden is committed to lowering health care costs for Wisconsinites and people across the country, and protecting millions with pre-existing conditions. By signing the Inflation Reduction Act into law, President Biden finally lowered prescription drug costs after a decades-long battle with Big Pharma and their Republican allies. As we speak, the administration is working tirelessly to implement a core provision of the Inflation Reduction Act giving Medicare the power to negotiate lower prices for some of the most expensive and popular medications on the market. Combined with these efforts to eliminate surprise medical bills and limit junk plans, millions of people will see better health care thanks to President Biden.
“The contrast between President Biden’s record and the Republican war on health care could not be clearer. Republicans are siding with big drug companies to take away Medicare’s power to negotiate lower prices, and they have pledged to do everything in their power to protect drug companies’ outrageous profits at the expense of patients. Republicans in the House have also passed bills to gut protections for pre-existing conditions and take Medicaid away from millions. Unfortunately, the Republican war on health care is back with a vengeance.”