Attention all Medicare recipients who require prescribed insulin treatment! Help looks like its on the way.
President Trump announced on last Tuesday a plan that would reduce the cost of insulin and cap the price at $35 a month which would save seniors a lot of money. The hope is that this plan takes effect as early as next year and would save the Medicare beneficiary on average $446 annually on the cost. I know personally for a lot of my clients this means savings in the thousands.
“I hope the seniors are going to remember it,” Trump is quoted as saying. It looks as though Trump may be trying to garner votes from among our senior citizens but whether you like him or not, this would be a great thing for our Medicare beneficiaries.
But in defense of Trump, he has been touting all along that he wanted to save our seniors from the high cost of prescription medicines.
As a broker this excites me because during the annual enrollment period, I review hundreds of drug plans for my clients and constantly have to share the bad news with them of what their insulin costs will be for the coming year.
Please remember that once October 1st rolls around, shoot me an email with a complete list of your drugs so I can review the 2021 drug plans for you. As a broker I need to make sure that I recommend a plan that covers your insulin so you can benefit from this new low cost. October 1st is when all plans have their new drug costs listed for the new year.
Over the last 15 years we have seen changes in Medicare benefits, copays, costs, plans etc. but this is the first time I have seen something being done about the costs of insulin for our Medicare beneficiaries. I can say that the cost of insulin is about the biggest concern for my clients who are stricken with diabetes.
Every person stricken with this chronic condition must take insulin to ward off complications relating to blindness, kidney disease, heart disease, amputations etc. For these folks, insulin is just as important as drinking water to survive.
Getting back to President Trump for a moment. He has been wanting to pass a bill to reduce drug costs across the board for our seniors and has mentioned past administrations made this situation what it is today. The bill is still pending with the senate at this point. But the fate of any drug pricing bill seems to rest with House Speaker Nancy Pelosi. She has her own bill in mind but has yet to release any information.
It has been stated by the administration that over 1700 Medicare insurance plans nationwide have agreed to provide insulin coverage for a maximum copay of $35 a month starting January 1st. With that said, certain plans may be available with a higher monthly premium but with capped monthly costs for drugs. This could still be a game changer when it comes to savings and that is why I stress you stay in contact with your BGA agent to review your drug costs for 2021.
I know sometimes you as a consumer are inundated with information and more information. I don’t want to sit here and tell you this bill will definitely be approved but it looks very promising because all the Part D carriers who seem to be on board with this. Let your friends and family members know about this because if it does come to fruition everyone who is insulin dependent could stand to save a lot of money.
Remember, AEP (Annual Enrollment Period) runs from October 15th to December 7th each year. During the first week of October all the new rates are released for your BGA agent to review so please email your agent a complete list of your scripts. If you require the brand name make sure it is noted and likewise for generics, meaning the exact name of the drug you take on a daily basis. Please don’t forget milligrams and dosages.