Medicare Explained: Trump Plans to Cap Insulin Co-Pay at $35 a Month “Part D Senior Savings Model”

Trump plans to cap Insulin Co-Pay at $35 a month
One of the biggest costs for many seniors is the cost of medications. Specifically, medications like insulin can have a very high cost and its cost continues to rise. This leaves seniors especially hard hit by the increased cost. This week on Tuesday the White House announced a new plan to cut the cost of insulin dramatically for Medicare recipients in 2021.Today we are going to talk about the new White House Part D Senior Savings Model and how it is anticipated to cut the cost of insulin for seniors next year. Please don’t forget to like and subscribe.

Seniors Paying a lot for Insulin
· White House has come up with a “Part D Senior Savings Model”
· Touting as a “market-based solution”
· 1.25 million Americans seniors need insulin for there diabetes
· RX cost for seniors has been on the rise dramatically over the last five years
· One of the most common drugs that seniors struggle with is insulin
· The price of insulin has gone up over last decade:
– Humalog 10ml vial – 2009 = $93 now 2019 =$275
– Novolog 10ml Vial – 2009 = $93 now 2019 = $290
· Insulin has gone up 300% over ten years
· Leaving seniors to pay between $600 – $1000 on average a month
· Not including the additional supplies necessary to administer the insulin
· This effects seniors and people on fixed income extra hard

President Trump Part D Senior Savings Model
· Voluntary model for insurance companies to participate
· In exchange for slightly higher premiums will get a set cost for Insulin ($35 copay)
· Could be a part of Part D standalone Medicare prescription
· Part of Medicare Advantage part D Prescription Drug plans
· The White House stating that seniors will see an average of $446 savings or 66% from the current national average.
· This Part D Senior Savings Model will be available to beneficiaries for the plan year of 2021 during this year’s Annual Election Period.

Still many questions to be answered
· Program is Voluntary for Insurers- how many Part D and Medicare plans are going to participate
· Also currently making money on the old plans
· Insurance is about spreading the risk, this would consolidate risk
· If you have a plan the specifically designed to cover Insulin – only insulin users will go to that plan, meaning it’s not spread to people who don’t use insulin
· Going to be a tradeoff between higher monthly price and stable RX price
· Have to compare premiums vs what are the RX savings

Thank you so much for watching, if you have questions about your Medicare or Medicare health plan options please feel free to contact us and we can make a new post or video to cover your questions. We here at California know health insurance weather it is private health insurance, Medicare, Medicaid / Medi-Cal, Medigap or health insurance for your small business. It can be very confusing coming from your work insurance and trying to look at options on the private market or turning 65 and trying to figure out which Medicare option is best for you. That is exactly what we can do, we can walk you through your options and help you find the plans that fits your needs and your budget.

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Medicare Explained: Trump Plans to Cap Insulin Co-Pay at $35 a Month “Part D Senior Savings Model”

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