Drug prices remain out of control, and there’s a lot that President Biden could still do to bring them down. But, Americans should give President Joe Biden credit for reducing the cost of insulin significantly, a huge achievement for which he has not gotten the credit he is due, writes Jonathan Cohn for Huffington Post. If Trump is reelected, he could undo this.
In fact, President Biden is responsible for several new laws that are bringing down the cost of health care and making it a little more affordable. [Editor’s note: Not nearly enough, but far more than President Trump.]
With insulin, which millions of diabetics rely on for their well-being to process sugars in their bodies, the list price can be hundreds of dollars. That price is insane. People in other developed countries pay as little as 10 percent of the amount we pay for their insulin. Their governments negotiate the price of insulin and every other drug on their behalf.
About 25 percent of Americans with diabetes cannot afford insulin and other basic needs. In some cases, people forego insulin to the detriment of their health. They might not have health insurance and cannot afford the full cost of insulin. Fortunately, thanks to the Affordable Care Act, fewer Americans than ever are uninsured.
As of 2023, because of the Inflation Reduction Act, older adults and people with disabilities should pay no more than $35 a month for an insulin prescription. If they have two prescriptions, it would cost them $70. Since the government has not yet negotiated the price of insulin, it’s not clear how much more everyone with Part D prescription drug coverage is paying in premiums as a result of the Inflation Reduction Act.
Unfortunately, reports are that some Part D drug plans have stopped covering insulin in response to the $35 maximum copay. If you have diabetes, make sure that your drug plan covers your insulin prescriptions.
As of January 1, 2024, people who do not have Medicare should also see lower insulin prices. The three major companies that manufacture insulin have reduced their prices to $35 a month voluntarily. One policy expert explains, however, that the price drop actually helps these companies maximize profits: “They’re lowering prices to avoid paying rebates to Medicaid programs and therefore maximize profits.”
If President Trump is reelected in November, watch out. His administration would likely undo President’s Biden important legislation on insulin prices. And, many of the 8.4 million Americans who rely on insulin would again be struggling to afford it or, worse still, forced to go without it.
Here’s more from Just Care:
Leave a Reply