Benefit will be voluntary; Medicare recipients must pick an insurance plan that provides it
TUESDAY, May 26, 2020 (HealthDay News) — Reacting to skyrocketing prices for insulin, the Trump Administration announced on Tuesday a new benefit that would limit Medicare recipients’ copays for insulin to a maximum of $35 a month and save them about $446 a year if they have prescription plans that offer the benefit.
Instead of the fluctuating copay amounts that are common now, there would be a manageable amount, the Associated Press reported. The insulin benefit will be voluntary, so Medicare recipients who want to take advantage of it must pick an insurance plan that provides it. Most will have access to such plans during open enrollment this fall.
The benefit was announced Tuesday by the Trump administration, which brokered a deal between insulin manufacturers and major insurers, Medicare chief Seema Verma told the AP. The three major insulin suppliers, Eli Lilly, Novo Nordisk, and Sanofi, were all involved.
Verma said 1,750 insurance plans that offer drug coverage to Medicare recipients have agreed to limit copays, which is expected to lead to a small increase in premiums, the AP reported. The benefit would cover a number of insulin products, including pen and vial forms for rapid-acting, short-acting, intermediate-acting, and long-acting versions.
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