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How the Inflation Reduction Act Reforms Medicare Part D Plans in 2025
Manage episode 442775605 series 3528280
Treść dostarczona przez Kathe Kline. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Kathe Kline lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
Understanding Medicare Part D and the Inflation Reduction Act
Kathe Kline is joined by Andrew Saul, Sales Director at Physicians Mutual, to delve into the complexities surrounding Medicare Part D and the changes ushered in by the Inflation Reduction Act. Key points of discussion included the new $2,000 out-of-pocket cap and its impact on seniors, along with price negotiation for prescription drugs.
One of the major hurdles discussed was the inability of Medicare to negotiate drug prices, which has historically driven up costs for seniors. Andrew Saul illustrated this disparity with the example of Eliquis, a popular blood thinner. Non-Medicare recipients might pay $10 a month, while those on Medicare face costs upwards of $500 monthly without manufacturer coupons.
Kathe shared her firsthand experience with prescription costs during her recent COVID-19 quarantine. The difficulty in navigating prescriptions, particularly the high cost and obstacles to obtaining Paxlovid, highlighted a larger issue within the system. She emphasized the restrictions Medicare beneficiaries face with manufacturer coupons, which can drastically reduce prescription costs for others.
Andrew and Kathe explored the balancing act between allowing pharmaceutical companies to profit while ensuring fair drug pricing. Even with laws like the Insulin Savers Act capping prices, the lack of generic options keeps costs high. Andrew noted that new regulations will enable Medicare to negotiate prices for 10 high-cost drugs starting in 2026, but the scale of change is limited.
The Inflation Reduction Act, passed in August 2022, is poised to bring changes such as Medicare's newfound ability to negotiate drug prices. Despite this advancement, critics argue for a more comprehensive and expedited implementation. Kathe contrasted the U.S. healthcare system with Europe's, noting Europe's more effective cost management due to direct government negotiations with drug manufacturers.
Andrew offered insights into upcoming changes and the importance of well-informed agents in guiding clients through Medicare's intricacies. He emphasized that periodic drug plan reviews are crucial for cost savings. As we await further changes prompted by the Inflation Reduction Act, staying informed and proactive remains essential for Medicare beneficiaries and advisors alike.
This episode is sponsored by CertifiedMedicareAgents.com
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