📋 Medicare Prices Lowered on 64 Prescription Drugs (AARP Article)

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FROM THE ARTICLE - SEE ARTICLE FOR MORE!!!

64 Medicare Prescription Drugs That Are Getting More Affordable.

The coinsurance rates for certain Part B medications are being lowered temporarily. Here’s why.

By Rachel Nania, AARP. Published July 03, 2024.

Some people with Medicare will pay less for their prescription medications from July 1 to September 30, the U.S. Department of Health and Human Services (HHS) announced.  

The agency identified 64 drugs — used by more than 750,000 Medicare enrollees annually — whose prices have risen faster than the rate of inflation. Under the prescription drug law passed in 2022, the coinsurance rates for these medications will be adjusted to match the inflation rate, meaning some people with Medicare could pay less out of pocket through September. What’s more, the makers of these drugs will face penalties for the price hikes in the form of a rebate to Medicare.

https://www.aarp.org/politics-society/advocacy/info-2024/medicare-prescription-price-cuts.html

[GailL1]

According to the article - (copy / paste )

The announcement pertains to Medicare Part B drugs. Medications covered under Part B are typically administered by a health care provider in a doctor’s office or hospital outpatient setting — an example being certain cancer treatments or medications to help fight an infection. According to HHS, some people with Medicare who use the selected 64 drugs may save up to $4,593 per day during the three-month time frame. How much a person has to pay out of pocket for their medications depends on whether they have additional insurance that covers or reduces Part B’s 20 percent coinsurance. 

Most people do have other insurance to cover all or part of such medications - they have Medicaid or a MediGAP plan or they could have union or retiree coverage or some other government-type coverage like CHAMPVA or FEHB.

Where this is hopefully gonna save us all bucks is the Medicare Part B premiums which beneficiaries pay every month (or their state pays for them if they are on a Medicare Savings Program).  Course it will also help the government’s part of the cost too since Part B is split cost - government general fund 75%: beneficiary premiums 25%.  Anything to help keep the medical cost down in Part B helps out where the money comes from - general fund from government 75% or beneficiary premiums 25%.

I doubt if anybody would consider this a ”cut to Medicare”.  Right?