Inflation Reduction Act continues
to deliver for West Virginians
The Inflation Reduction Act continues to deliver great investments for West Virginia, from reducing the cost of prescription drugs for our seniors to bringing new good-paying jobs to the Mountain State.
West Virginia saw the single largest ACA Marketplace enrollment change of any state from the 2023 open season to the 2024 open season – an 80.2% increase. Prior to the passage of the Inflation Reduction Act, West Virginia had the highest average ACA Marketplace plan premiums in the country, now West Virginians receive the highest monthly Advance Premium Tax Credits in the country.
New rules under the Inflation Reduction Act cap total out-of-pocket prescription drug costs for seniors on Medicare. This first-of-its-kind cap of an estimated $3,300 on prescription drug out-of-pocket costs in Medicare Part D will lower costs for seniors in West Virginia and across the United States. Each year, roughly 1 in 25 seniors spend above this cap on prescription drugs. The cap will go even lower the following year in 2025 to a $2,000 out-of-pocket cap on prescription drugs.
Through funding made possible by the Inflation Reduction Act, the West Virginia Department of Environmental Protection will receive $37 million to reduce methane emissions from low-producing oil and gas wells. These funds will help ensure that our state's strong legacy of energy production continues while also taking care of the great outdoors and creating new jobs and economic opportunity. |