New Medicare Changes Pushing to Make Insulin More Affordable
For many seniors, access to insulin plays a critical role in their health. More than 3.3 million Medicare beneficiaries, or a third of this group, have diabetes, which means their bodies can’t properly regulate their blood sugar.
Taking the right insulin dose can assist diabetes patients in many ways. It regulates blood sugar, reduces risk of kidney failure and vision loss, and decreases incidence of foot ulcers. But for many seniors, the price of insulin is too high, and they have to choose between other essentials, like food and shelter, and getting their medicine.
Now there’s some good news for these Medicare participants. The government is working to make insulin more affordable for Medicare beneficiaries.
The Centers for Medicare & Medicaid Services has introduced a Senior Savings Model designed to provide Medicare patients with new Part D choices. These selections will offer insulin at an affordable and, just as important, predictable price.
How Much Will Insulin Cost?
It is targeting a cost of $35 for a 30-day supply of plan-formulary insulin. It’s estimated that the average beneficiary will save nearly $450 per year with the change.
This voluntary model will deliver more choices of enhanced Part D plan options that include predictable co-pays in the deductible initial coverage. The change will go into effect in 2021.
This consistency and greater affordability will allow seniors to make and stick to a budget. They can count on insulin costing the same amount each month vs. going up and down unpredictably, which can put stress on those with a fixed income, as many seniors are.
A Focus on Seniors’ Long-Term Health
The importance of maintaining seniors’ health has arguably never been greater. Those over 65 are most likely to suffer serious complications from COVID-19, and people with diabetes are at greater risk of dying from the virus as well. Helping this population take better care of itself is one way to promote healthier practices amid the pandemic.
We all win when we stay healthier. Especially during the pandemic, we have seen the benefits of preventive care such as taking the right insulin dosage to stay in good health.
As our aging population continues to grow, more people will need access to insulin, since diabetes often develops in older adults. Making this medicine more accessible could save lives and will improve the quality of living for so many older adults.
Get Our Assistance With Finding Lower Insulin Costs
With open enrollment on the horizon from October 15 to December 7, it’s important for Medicare beneficiaries to learn more about the Part D plan change and see how they could benefit from it.
The change will apply to roughly 1,750 health plans, but not every carrier will participate in this program. Jay knows who will, and he’s eager to help you sift through all the information and find ways to save thousands of dollars per year on insulin costs. Get in touch with Jay today to discuss Medicare and insulin costs, and let’s see how we can help you.