Rick Thornton, an Arlington health insurance agent, says the final legislation allows Medicare to negotiate drug prices for the first time and, among other items, cap out-of-pocket drug costs for qualifying seniors.
Arlington health insurance and the people who have it should expect to see several sweeping changes to drug pricing following the recent passing of a landmark tax, drug, and healthcare bill that the current administration has struggled to get passed the Senate for over a year. In early August, the Senate finally voted 51-50 in favor of the bill, which was officially passed later that week by the Democratic majority. The bill is a slimmed-down version of what the current administration initially wanted, but many proponents say it still packs a significant punch when it comes to healthcare.
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According to several published reports, the final legislation allows Medicare to negotiate prices for the first time in its history. According to Bloomberg Government, that would start with 10 high-priced drugs by the middle of this decade and expand from there. It would also cap out-of-pocket drug costs for seniors enrolled in Part D at $2,000 a year. These changes and several more directly impact American individuals and their families all across the world, including those who were previously uninsured or underinsured in health insurance in Arlington. According to The Congressional Budget Office, the latest negotiation should save Medicare about $102 billion over the next decade, which will then be used to pay for three more years of subsidized Affordable Care Act premiums.
Rick Thornton, an Arlington health insurance agent who is constantly staying on top of pressing health insurance issues, the economy, and the government, said these savings would be a major win for ACA-dependent families who would otherwise face increases in ACA premiums come 2023 because of the expiring COVID relief legislation. He added that the bill also caps out-of-pocket costs at $35 per month for insulin co-pays under Medicare programs.
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