LANSING, Mich. — Gov. Gretchen Whitmer has signed a new executive directive harnessing the Inflation Reduction Act (IRA) to reduce prescription drug prices for Michiganders.
Senior citizens on Medicare will pay a maximum of $2,000 a year regardless of the number of prescriptions they are on, the governor explains. Insulin will also be capped at $35 per month.
“The Inflation Reduction Act will lower the cost of prescription drugs, health care, and energy, and I am taking action today to ensure that families have the information and resources they need to fully harness its benefits,” says Governor Whitmer. “These provisions to lower costs and put money in people’s pockets are a great step forward and we will work hard to make sure Michiganders can see and feel the benefits of the IRA. Tough times don’t last, but tough people do, and it is time they got some relief.”
We’re told more than 300,000 state residents will save about $800 annually on premium costs, in addition to $500 in savings on energy expenses.
Middle-class citizens will also receive thousands in tax credits when purchasing Michigan-made electric vehicles, the state adds.
Read the full details in the executive directive here: