Cost-saving measures included in the Inflation Reduction Act are creating more financial freedom for Michigan seniors like Susan Robertson.
LANSING—When President Joe Biden signed the Inflation Reduction Act into law last year, it marked a major effort in lowering healthcare and prescription drug costs.
More than a year later, Michigan seniors are reaping the benefits of the bill—including through Medicare reforms that sharply lowered costs for many of the roughly 1.8 million Michigan seniors with Medicare Part D coverage, which covers prescription drugs.
Among the cost-saving measures included in the proposal: Beginning in January of this year, all vaccines covered under Medicare Part D were made available entirely for free.
After Susan Robertson, 74, of Lansing, recovered from a case of shingles in 2017, her doctor urged her to get vaccinated to prevent another infection. But because the Inflation Reduction Act hadn’t yet been passed, she said she had to forgo the $400 shot to afford her utility bills.
But this year, thanks to the legislation, Robertson was able to get her vaccine in February—at absolutely no cost. And she credits the Biden administration for making it all possible.
After Susan Robertson recovered from a painful case of shingles in 2017, her doctor urged her to get vaccinated to prevent another infection. Because President Joe Biden’s Inflation Reduction Act (IRA) hadn’t yet been passed, she had to choose between getting a $400 vaccine or paying utility bills. But this year, thanks to one of the IRA’s provisions, Robertson was able to get her vaccine in February—at absolutely no cost. #HealthCareReform #HealthcareNews #Michigander #Michiganders #PureMichigan #InflationReduction
Beyond the shingles vaccine, the law also includes no-cost coverage for a wide array of other vaccines, including tetanus, diphtheria, pertussis, hepatitis A and B, influenza, and COVID-19.
The Inflation Reduction Act also implemented a $2,000 cap on Medicare recipients annual out-of-pocket prescription drug costs, beginning in 2025. In Michigan, an estimated 672,860 seniors are expected to save $365 a year due to this provision, according to a federal analysis.
The law also established a $35 monthly cap on insulin for Medicare recipients and extended generous subsidies (through 2025) that helped to make Affordable Care Act health insurance plans more affordable for working- and middle-class families. Roughly 63,000 Michiganders were set to lose their individual coverage had those subsidies instead been left to expire.
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