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Health care CEOs thank Trump administration for capping senior insulin costs to $35 a month

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pepperonikkid

Health care CEOs thank Trump administration for capping senior insulin costs to $35 a month

 

 

https://www.foxbusiness.com/

By Lucas Manfredi FOXBusiness

May 26, 2020

 

Article:

 

Humana CEO Bruce Broussard and Eli Lilly CEO David Ricks announced their support Tuesday for President Trump's decision to lower seniors' insulin costs to $35 a month beginning next year as part of an agreement with insulin manufacturers and major insurance companies.

"I want to thank the administration for continuing to pick on large issues like this and bringing in the private enterprise to assist in that," Broussard said.

Ricks added that the partnership between the federal government and private enterprise is "the kind of collaboration that solves real problems for people with serious issues like diabetes."

"This is a big day for seniors," President Trump said. "We brought all of the parties to the table — insurers, manufacturers, and other key players — and reached an agreement to deliver insulin at stable and drastically lower out-of-pocket cost for our seniors."

One out of three people with Medicare has diabetes, and more than 3 million use insulin to keep their blood sugar within normal ranges and stave off complications that can include heart disease, blindness, kidney failure and amputations. People with diabetes also do worse with COVID-19.

Medicare estimates that about six in 10 beneficiaries are already in prescription drug plans that will offer the new insulin benefit. Those whose plans don’t offer the new option next year can switch during open enrollment season, which starts Oct. 15. Medicare’s online plan finder will include a filter to help beneficiaries find plans that cap insulin copays.

The insulin benefit will be available in all 50 states, Washington, D.C., and Puerto Rico, and participation by insurers and Medicare recipients is voluntary.

Trump said capping insulin costs will save impacted Americans an average minimum of $446 per year. On average, people enrolled in the federal health care program pay roughly $675 per year.

"Over the past 10 years, these seniors have seen their out-of-pocket costs for this lifesaving treatment almost double," Trump said. "We slashed Obamacare's crippling requirements and opened up competition like they've never seen before."

 

 

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