President Trump has rescinded an order by the former president Biden which was aimed at reducing the cost of Medicare and Medicaid for beneficiaries. A lot of Americans who are from this provision are worried about this new change in the face of high medical expenses.
What was Biden’s executive order on drug pricing?
Former President Joe Biden’s Executive Order 14087 directed the Centers for Medicare & Medicaid Services (CMS) to develop strategies that will lower the costs of drug prescription. One snotable initiative was to keep copayments for certain generic medications at $2 per month for Medicare enrollees making it more affordable to beneficiaries. This effort targeted essential drugs used to manage chronic conditions like diabetes and high cholesterol, aiming to alleviate the financial burden on seniors and low-income individuals who are considered primary beneficiaries.
Read more: How can I get help with my Medicare Part A and Part B premiums?
Why did President Trump revoke this order?
Right after taking office, President Trump issued some executive actions, reversing a number of Biden policies including healthcare and drug pricing. The current administration, however, has given little detailed justification for most reversals; the overarching premise seems to be abandoning the approach adopted by the previous administration toward healthcare reform. In a statement, President Trump called the previous administration’s policies: “deeply unpopular, inflationary, illegal, and radical practices within every agency and office of the Federal Government.”
How does this affect medicare beneficiaries?
The revocation of Biden’s executive order means that the proposed $2 copay cap on select generic drugs will not be implemented. Consequently, Medicare beneficiaries may continue to face higher out-of-pocket costs for their medications. This development is particularly concerning for individuals managing chronic illnesses who rely on affordable access to essential prescriptions.
Are other drug pricing reforms at risk?
The future of other drug pricing reforms, such as Medicare’s ability to negotiate prices directly with pharmaceutical companies under the Inflation Reduction Act of 2022, remains uncertain. President Trump has not explicitly stated his position on this provision. Healthcare policy analysts are closely monitoring the situation to know the potential impacts on drug pricing and access.
What can medicare users do now?
You need to stay updated about your prescription and drug coverage. Here is what you can do:
- Review your Plan: Examine your current Medicare Part D plan to understand your coverage and out-of-pocket costs.
- Explore alternatives: Consider generic or alternative medications that may be more affordable.
- Seek assistance: Utilize programs designed to help with medication costs, such as Extra Help or state pharmaceutical assistance programs.
- Consult healthcare providers: Discuss cost concerns with your doctors and pharmacists; they may have solutions to help manage expenses.
Staying proactive about your healthcare and being aware of any policy changes can help you go through these challenges more effectively.
Continue reading:
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