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
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