The average beneficiary could see out-of-pocket savings of $446—or 66%—for insulin.
Washington, D.C.—U.S. Senator Susan Collins, the Chairman of the Aging Committee and the founder and co-chair of the Senate Diabetes Caucus, applauded today’s announcement by the Centers for Medicare and Medicaid Services (CMS) that more than 1,750 Medicare Part D plans and Medicare Advantage plans have agreed to cap the monthly co-pay for insulin at $35 starting next year.
Based on CMS’ estimates, beneficiaries who use insulin and join a plan participating in the model could see average out-of-pocket savings of $446, or 66 percent, for their insulins, funded in part by manufacturers paying an estimated additional $250 million of discounts over the next five years.
“Today’s announcement is great news for the millions of Medicare beneficiaries who rely on insulin as part of their daily treatment,” said Senator Collins. “As the founder and co-chair of the Senate Diabetes Caucus, I have worked to advance policies that will improve the lives of those with diabetes, and one of our highest priorities is to combat the skyrocketing price of insulin. This new program will build on Congress’ bipartisan efforts to make this vital medication more affordable for patients.”
Beneficiaries will be able to enroll in these plans during Medicare open enrollment, which is from October 15, 2020, through December 7, 2020, for Part D coverage that begins on January 1, 2021.
Last July, Senators Collins and Jeanne Shaheen (D-NH) introduced a bill to roll back more than a decade of insulin prices hikes. They have also consistently pressed to hold insulin manufacturers, insurers, and PBMs accountable for the skyrocketing cost of life-saving insulin.
Click HERE to read more about CMS’ announcement.