Posted on May 26, 2020
MARYVILLE, TENN., May 26, 2020 — U.S. Senate health committee Chairman Lamar Alexander (R-Tenn.) today released the following statement after the Centers for Medicare & Medicaid Services (CMS) announced that certain Medicare plans will be offering lower insulin costs for the 2021 plan year:
“This announcement means that next year the out-of-pocket cost of a month’s supply of insulin could drop from hundreds of dollars a month to $35 a month for many Americans on Medicare. For seniors with diabetes, this will be a huge step in lowering health care costs.”
CMS announced today that over 1,750 standalone Medicare Part D prescription drug plans and Medicare Advantage plans with prescription drug coverage have applied to offer lower insulin costs through the Part D Senior Savings Model for the 2021 plan year. The Part D Senior Savings Model, announced by the Trump Administration in March, allows certain Medicare plans to provide beneficiaries lower out-of-pocket costs for their insulin—charging a maximum of $35 copay for a month’s supply.