As most diabetes know, the cost of insulin has nearly tripled between 2008 and 2020. The Trump administration through CMS (Centers for Medicare & Medicaid) is finally doing something about it.
There are 3.3 million Medicare recipients on some form of insulin and their costs (as stated above) keep rising.
CMS just announced that in 2021 most MAPD (Medicare Advantage and Prescription Drug) plans will offer diabetes medications at no more than $35 per month. That cost applies to all three phases of Medicare drug plans.
That is a major step in the right direction as most seniors with diabetes are having a tough time paying for their medications. Most of these medications are high to begin with and naturally these costs are passed on to the end-user. This new ruling will reduce those costs for all diabetes clients taking insulin or some derivative of insulin. The estimated sayings for each Medicare recipient are about $446 per year.
All three insulin manufacturers have agreed to support this program. A couple of Part D insurance companies are still considering participation. I am certain that most, if not all will comply. This is a step in the right direction to reduce drug costs for seniors.
The Barend Agency Inc.