By Katelyn Gierer
Tired of the high prices of insulin? We are, too! Good news is that Trump took historic action and signed four Executive Orders that will allow us to see a massive decline in insulin prices and epinephrine starting Jan.1st, 2021. There is even a great price cap that you can apply for through Medicare Part D and Medicare Advantage.
Here’s what you need to know about the Executive Orders:
No more middlemen
These Executive Orders will instruct Health and Human Services to cut out middlemen that introduce high prices to insulin and epinephrine. In the past few years we have seen massive price jumps on these medications due to middlemen. Next year, seniors will be able to receive a rebate through Medicare Part D. Not sure if you would be a recipient of the discount? Give us a call! That’s what we’re here for.
Increase access
Qualified health centers will be required to “pass the savings from discounted drug prices directly on to medically underserved patients,” according to the U.S. Department of Health and Human Services. This includes going to seniors who are uninsured.
Capped insulin cost
Seniors will be able to sign up for Medicare plans that cap the cost of insulin at $35! This is a huge deal for those who have been paying over $100 for insulin in past years. According to National Public Radio, “The new options for reducing insulin costs are the result of an agreement reached by the Trump administration with insulin manufacturers and major insurance companies.”
Price match
Under the new rule, Medicare is required to price match. Whichever foreign country pays the lowest for insulin, Medicare is now required to match that price. According to Reuters, “The order, which has been discussed as a possibility by the administration for more than a year, could potentially slash Medicare payments by billions of dollars.” Medicare is also prohibited from negotiating with drug companies which will keep the price down overall in 2021.
With COVID-19 impacting American seniors more than ever, this price cap comes as a great relief to some. Seniors are now able to sign up for Medicare Part D or Medicare Advantage to take advantage of this price cap which will be effective Jan. 1st, 2021. If you’re having trouble signing up or have any questions, we are always here. Take this chance to call us at (636)244-4415 or visit our website at seniorhealthsolutions.net and we will be more than happy to help you sign up for the right plan.
