Medicare New Drug Price Negotiations: President Joe Biden is happy that Medicare can now talk about drug prices. Still, a new study shows that this might take time to get a significant political effect.
76% of Americans from both major political parties agree that Medicare should be able to discuss prices for prescription drugs. Even though this is a usual way to do things, Biden’s approval rate is around 40%. People have different opinions about how he deals with the prices of prescription drugs: 48% like it and 50% don’t.
Even among those who agree that Medicare should be able to handle it, only 55% agree with Biden’s way. I’m curious how well he can link his victories to his popularity.
This issue is critical to Biden’s reelection campaign, which is based on showing off his legislative wins, like giving Medicare the power to negotiate and pass primary infrastructure legislation.
Esperanza Baeza, an assistant teacher in Chicago, worried about how much drugs cost and wished the government would do more. She is happy that Medicare has more power but is still unsure if Biden is doing enough.
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The Inflation Reduction Act makes it possible to discuss how much drugs cost. It has steps for the environment and health care. Medicare’s first goal is to discuss prices for ten drugs, but critics say more drugs should be in the talks. Even though it will take three years for the costs of these ten drugs to go down, there will be more drugs to talk about in the future.
Annie Lok from Queens thinks that talks should be about drugs more often. It shows that she wants more people to get health care. Biden knows that the Inflation Reduction Act has an effect, but he says it is hard to explain because it has many parts. He says this is why it’s called the wrong thing.
The study found that most people think Medicare should negotiate drug prices. Still, the Biden administration must work hard to link policy wins with personal approval.
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Our Reader’s Queries
What are the 10 drugs for Medicare negotiations?
Majority of Medicare Part D enrollees will have coverage for 10 selected drugs in 2023. These drugs treat a range of conditions such as heart failure, leukemia, lymphoma, diabetes, and rheumatoid arthritis. Some of the drugs, like Entresto, Imbruvica, Eliquis, Jardiance, and Xarelto, have full coverage for all enrollees. While others like Farxiga and Januvia have slightly lower coverage rates, with 98% and 95% coverage respectively. This means most enrollees can access the medications they need, but there may be some variations in coverage for certain drugs.
What are the 2024 Medicare drug changes?
Starting on January 1, 2024, the requirement to pay five percent of the prescription costs during the catastrophic phase of Part D will be eliminated. As stated in a 2022 report from the Kaiser Family Foundation, individuals enrolled in Part D who only use brand-name medications in 2024 will have a limit of approximately $3,250 for the entire year.
What are the Medicare drug cost limits in 2023?
During the first stage of coverage, Part D members cover 25% of their total drug expenses, while Part D plans cover 75%, until their total drug expenses reach $4,660 in 2023. Although, the majority of Part D plans impose a combination of copays and coinsurance at this stage, rather than a fixed 25% coinsurance rate.
What is the Medicare drug price Reduction Act?
The Inflation Reduction Act now permits Medicare to negotiate lower prescription drug prices, sets a $35 limit on insulin costs for Medicare beneficiaries, provides free adult vaccines, mandates drug companies to issue rebates if they raise prices faster than inflation, and establishes…