Peter Loftus
speaker
70 appearances
1 recordings
1 series
first heard Jan 2024
last heard Jan 2024
Peter Loftus’s voice in public audio — every appearance, attributed to the second.
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The prices can really vary, and there can be big differences, sometimes on the order of 50%.
And so you could have a generic cholesterol drug cost something like $20 per prescription at one pharmacy, and then across town it might only cost $10 or $11.
At the beginning of the year, when people have health insurance plans, a lot of them now have deductibles.
And so this is a period of time where
They have to spend a certain amount of money before more favorable insurance coverage kicks in.
Now, sometimes that doesn't always apply to prescription drugs, but sometimes it does.
And so what that means is that at the start of the year, if you have a high deductible plan, you may be on the hook for paying either the full price or a big chunk of the full price for a prescription drug until you get to the point
threshold of spending where your insurance plan starts to cover more of that.
One of the biggest changes in the law applies to Medicare.
So that's mostly people 65 and older who have these Part D plans, drug benefit plans.
In the past, there was really no limit on how much they might have to pay out of pocket for an expensive medication.
And so this could add up into thousands and thousands of dollars.
But starting this year, there's an effective cap on the out-of-pocket costs
that people have in Medicare Part D. And this year, it's about $3,300.
So it's still a lot of money.
But if you're taking really expensive medication, this is going to save you money by limiting it at that.
The same law that enabled that, it's the Inflation Reduction Act, which was passed in 2022.
It also had a provision that went into effect last year, so about a year ago at this time, that capped
the out-of-pocket costs for insulin at $35 a month.
And again, that's specifically for people in Medicare Part D. And then separate from that, the manufacturers of insulin, after many years of raising the list price for those products, last year, the big three manufacturers, they all announced significant price cuts.
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