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President Biden signed an executive order directing HHS to explore additional measures to lower prescription drug costs.
To announce the start of Medicare’s open enrollment period, President Biden will travel to Irvine, California on October 14.Th and Portland, Oregon, on October 15Th To highlight how seniors can benefit from cost-saving provisions when shopping for new health insurance plans. The President signs an executive order directing the Department of Health and Human Services to investigate additional measures to reduce prescription drug costs for working and middle-class families.
Americans are squeezed by the cost of living – this has been true for years and is the main reason the president is running. Health care costs in particular are slowing inflation. Too many Americans face challenges paying for prescriptions. On average, Americans pay two to three times more for prescription drugs than other countries, and one in four Americans struggle to afford prescription drugs. Nearly three in ten Americans who take prescription drugs report skipping doses, cutting pills in half, or not filling prescriptions because of cost.
The Inflation Reduction Act — delivered by President Biden and congressional Democrats — would solve that problem and lock in an average of $800 a year in lower health care premiums for 13 million families, reduce the cost of prescription drugs for seniors, and cover their out-of-pocket costs of prescription drugs by $2,000 a year. The Inflation Reduction Act protects Medicare beneficiaries from crippling drug costs by capping out-of-pocket costs at pharmacies, establishing a monthly cap of $35 per insulin prescription, and requiring companies that increase prices faster than inflation to pay Medicare a discount. and allowing Medicare to negotiate initial prices for high-cost prescription drugs. For their part, Republicans in Congress say their top priority is repealing the Inflation Act, ending these cost-saving provisions and raising prices for tens of millions of Americans.
To further lower health care costs, earlier this week, the Treasury Department took action to overhaul the so-called “family hardship” rule, which is making it harder for families to get health care coverage for a spouse or child. About 1 million Americans will gain coverage or see insurance become more affordable as a result of the new law.
Lower Medicare costs during this open enrollment period
Starting this January, seniors and other Medicare beneficiaries will begin to see the benefits of these cost-saving measures. Due to the law of deflation:
- Starting January 1, 2023, a one-month supply of insulin will be capped at $35.
- Medicare beneficiaries pay $0 out of pocket for recommended adult vaccines covered by their Part D plan, including the shingles vaccine — which costs seniors up to $200.
- Prescription drug companies that try to raise their prices faster than inflation are forced to pay a discount to Medicare.
Earlier this year, HHS released a report showing that the cost of 1,200 prescription drugs rose faster than inflation last year alone. For example, a drug used to treat high blood pressure and heart failure, used by millions of Medicare beneficiaries, will see its price increase by 540 percent by 2022.
During Medicare’s open enrollment period — which runs from Oct. 15 to Dec. 7 — seniors and other beneficiaries can choose drug coverage that reflects these new cost savings, putting money back in their pockets.
Medicare beneficiaries must visit Medicare.gov Or call 1-800-MEDICARE to review their options for the coming year and make sure health and prescription drug coverage is right for them.
Using the HHS Innovation Center to further reduce costs
As the Biden-Harris administration works to implement the Affordable Care Act, President Biden will sign an executive order today directing the Department of Health and Human Services to consider additional steps to reduce prescription drug costs. That includes HHS’s use of an “innovation center” created by the Affordable Care Act, which has the authority to test new ways to pay for Medicare services while cutting costs.
Under the executive order, HHS will have 90 days to submit a formal report detailing any plans to use Innovation Center officials to reduce drug costs and make new drug treatments more accessible to Medicare beneficiaries. This measure builds on the significant drug price reforms of the Inflation Reduction Act and helps provide more breathing room for American families.
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