Neuman says she understands people are anxious for relief, but once provisions like the out-of-pocket cap in Medicare do take effect, "this really will be a big deal for people who rely on expensive medication and for others who have seen their drug prices increase each year." "Some things just can't happen fast enough just because it takes a while to put things in motion." It will take a lot of work by the federal health agencies and industry groups to get ready for these provisions to take effect. "Clearly, she'll be wondering next year, 'Why am I still paying a lot of money?'" Neuman says. Why does it take so long for many of these things to kick in?įor someone who's on Medicare and spends $10,000 a year on cancer treatment, like Neuman's friend, the timeline of these changes might be tough to take. The Congressional Budget Office, which analyzed an earlier version of the bill, estimates these changes will save the government $288 billion through 2031. "It really does break a lot of new ground and fix a lot of problems." "It's a huge deal," agrees Stacie Dusetzina, professor of health policy at Vanderbilt University. may not be everything everyone wants, but it really is a big deal and it will provide significant help to literally millions of people who need it." "Congress has been talking about doing something about drug prices for decades. "This is a huge breakthrough," says Tricia Neuman, who directs the Program on Medicare Policy at KFF. This provision could help discourage drug companies from constantly hiking prices.ĭo experts think it will make a difference?Īctually, many health policy experts think these changes are significant. That could affect a lot of drugs – according to an analysis by the Kaiser Family Foundation in 2019-20, half of all prescriptions covered by Medicare increased in price faster than inflation. This would kick in in 2025.Īnd, starting next year, if drug companies raise the prices of their drugs faster than inflation, they'll have to pay a rebate to Medicare. Then there's the proposal Parant is most excited about: People on Medicare won't have to pay more than $2,000 a year in out-of-pocket costs for prescription drugs, which will make a big difference for seniors with certain conditions like cancer and multiple sclerosis. To qualify for negotiation, the drugs would have to be on the market for several years. This starts in 2026 with 10 drugs and increases to 20 drugs by 2029. What exactly is Congress changing about drug prices?įor the first time, the federal health secretary would be able to directly negotiate the prices of certain expensive drugs each year for Medicare. Here are details about that proposal and others in the bill, and answers to some frequently asked questions. He has Type 1 diabetes and pays about $5,000 out of pocket for insulin each year, on top of thousands more for a heart medicine. "The proposal to limit out-of-pocket expenses that's on the table right now would absolutely make a huge difference in my life," says Medicare recipient Bob Parant, 69, of Westbury, New York. This is all music to the ears of patients who've been burdened by high-priced drugs for years.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |