Inflation Reduction Act Benefits West Virginians

TL/DR –

The Inflation Reduction Act has reportedly brought significant investments to West Virginia, including lowered prescription drug costs for seniors, new job opportunities, and a huge increase in ACA Marketplace enrollment. The Act also introduced new rules to cap total out-of-pocket prescription drug costs for seniors on Medicare at an estimated $3,300, which will decrease to $2,000 in 2025. Moreover, the Act has provided funding for the West Virginia Department of Environmental Protection to receive $37 million to reduce methane emissions from low-producing oil and gas wells.

The Inflation Reduction Act is yielding massive benefits for West Virginia, including reducing prescription costs for seniors and generating jobs.

West Virginia posted the highest ACA Marketplace enrollment growth nationwide from 2023 to 2024, a rise of 80.2%. Before the Act, West Virginia had the most expensive average ACA Marketplace plan premiums. Now, the state’s residents benefit from the highest Advance Premium Tax Credits.

The Inflation Reduction Act rules cap seniors’ total prescription drug costs on Medicare. This first-time cap of approximately $3,300 on out-of-pocket costs in Medicare Part D will decrease costs for seniors nationwide. Roughly 1 in 25 seniors spend above this cap yearly. This cap will be reduced to a $2,000 out-of-pocket cap in 2025.

The West Virginia Department of Environmental Protection will receive $37 million funding from the Inflation Reduction Act to lower methane emissions from low-producing oil and gas wells. The funds will sustain the state’s energy production legacy while caring for the environment and creating jobs.

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