National Council on Aging’s Post

It's a big win for folks on Medicare, giving them more financial security when it comes to their prescription drug costs. Plus, it offers peace of mind knowing there's a limit to how much they'll have to shell out. It's great to see policies that prioritize the well-being of seniors and those on fixed incomes. #medicare #medicareadvantage #medicaresupplement #prescriptiondrugs https://lnkd.in/euGYeBsX

Thanks to the Inflation Reduction Act, one of President Biden’s signature achievements, prescription drugs are set to become substantially more affordable for seniors. Yet many Americans seem unaware of just how monumental these changes will be. My latest Washington Post column is on the 6 policy changes to look for. The most notable is the cap on out-of-pocket costs. In 2025, everyone with Medicare’s prescription drug benefit, called Part D, will pay no more than $2,000 per year out of pocket for medications. The Center for Medicare and Medicaid Services projects that nearly 19 million seniors will save an average of $400 per year. But this number alone does not tell the full story. CMS Administrator Chiquita Brooks-LaSure shared with me that she recently met a woman with leukemia. “She’s spending $12,000, which was 13 percent of her gross income, just for one drug,” she said. I myself have treated patients who chose not to fill medications because out-of-pocket costs were too high. I’ve met spouses who delayed retirement and caregivers who worked extra jobs just so they could cover their loved one’s prescription costs. This should not happen. The $2,000 maximum will be a huge step toward health-care affordability. https://lnkd.in/eJbz_CRH #prescriptiondrugpricing #medicare #CMS #medicationcosts #healthcare #IRA #healthpolicy

🔍 Did you know? From 2006 to 2020, the average price increases for prescription drugs commonly used by older Americans, including those on Medicare, significantly surpassed the price hikes for other consumer goods and services. This trend highlights a crucial healthcare issue facing our older adults. Thank you AARP Policy, Research, and Thought Leadership for highlighting this important advocacy issue. #HealthcareAwareness #Medicare #PrescriptionCosts 📈💊

New help for #Medicare beneficiaries: A cap on Part D prescription out-of-pocket costs takes effect in January, saving thousands of dollars for patients taking high-cost drugs. ➡️ "Beginning in 2024, people enrolled in Part D plans will no longer be required to pay 5% coinsurance after they reach the catastrophic threshold ... meaning that in 2024, Part D enrollees will pay no more than about $3,300 for all brand-name drugs they take." KFF research shows many Medicare beneficiaries are unaware of these changes, so it's critical for navigators and other professionals to educate them about potential savings ⬇️: #InflationReducationAct #healthcarecosts #Medicare #affordability

Medicare's Plan to Lower Drug Prices: Helping Seniors Afford Medications and Saving Billions #bipartisansupport #CMSplan #highdrugprices #inflationrebatepenalty #lowerdrugprices #Medicaredrugpricenegotiations #outofpocketcosts #pharmaceuticalresearchanddevelopment #prescriptiondrugaffordability #risinghealthcarecosts

Medicare's Plan to Lower Drug Prices: Helping Seniors Afford Medications and Saving Billions #bipartisansupport #CMSplan #highdrugprices #inflationrebatepenalty #lowerdrugprices #Medicaredrugpricenegotiations #outofpocketcosts #pharmaceuticalresearchanddevelopment #prescriptiondrugaffordability #risinghealthcarecosts

2025 may bring about much needed change to prescription drug coverage for Medicare recipients. A $2000 out of pocket max and elimination of the coverage gap (aka donut hole) will be welcomed by many. However, would employer group coverage be considered credible and prevent financial penalties on drug card premiums for age 65+ workers who are delaying Medicare? What are your plans to educate your workforce on this topic? I will be offering education sessions to all my employer group clients over the coming months to address this issue for their employees aged 64+.

“112,000. That's how many premature deaths per year are expected to be caused by not taking prescribed drugs because of costs, a 2020 study showed” 😢 The White House has taken a large step to increasing affordability of LIFESAVING medications! The first 10 drugs (out of 60) being targeted are listed below! This is a 4 year program that will tackle a total of 60! How? Medicare is to negotiate with drug manufactures to make this less costly‼️ Eliquis Xarelto Jardiance Januvia Fiasp & Novolog Farxiga Entresto Enbrel Imbruvica Stelara “The medications chosen for price negotiations cost senior citizens $3.4 billion in out-of-pocket costs last year!” The 2022 Inflation Reduction Act is the reason this can occur! Let’s not forget how it also capped our Medicare patients’ out of pocket costs as well💪 Read more here: https://lnkd.in/dKHicwKF

This week, Capstone analysts Angela Lamari and Hunter Hammond discussed with Axios the potential expansion of Medicare coverage for the weight-loss drug Wegovy. Our POV: There's a big caveat to the good news for members who want to access Wegovy. Medicare prescription plans likely won't be interested in covering the drug this year. Read the full article to learn about the development of Medicare coverage and its implications for the healthcare landscape. https://lnkd.in/drAM6zxJ #MedicareCoverage #Wegovy #HealthcarePolicy

https://lnkd.in/es6FSR-j "As a consumer," Wexler said, "you've just got to be your own advocate and continue checking and shopping around."  Patients must lead the way in saving on prescription medications and #RxWallet can help! #PatientPortal #consumerism