The Trump administration on Wednesday turned back to its pledge to tackle high US drug prices with a plan to cap the out-of-pocket cost for insulin to $35 per month for many patients with diabetes who are enrolled in Medicare, as reported in Fidelity.
The US Center for Medicare and Medicaid Services (CMS) is lining up drugmakers and the private insurers who manage Medicare drug benefits to volunteer to test out the new pricing in 2021.
The program would create a flat monthly copayment rate of $35 for most types of insulin, whereas at the moment, beneficiaries typically shoulder all or a percentage of the cost of their medicines until they pass a maximum amount and become fully covered.
According to CMS, people enrolled in the federal healthcare program pay about $675 per year on average for insulin, while this program could lower that to $229 per year.
The model would apply to a portion of Medicare plans that fall into the category of "enhanced" plans, which represents the majority of plans, the news source said.
To read more NewsPoints articles, click here.