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🎥 IN THIS EPISODE → The “Inflation Reduction Act”
From 2021: Very in-depth review by Kaiser Famly Foundation
Chapters in today’s video:
00:00 introduction and our background
01:00 Impact on those Under 65 years old
03:00 Impact for those on Medicare
05:55 2023 – Insulin
07:21 2023 – Inflation protection
08:08 2023 – Vaccines Covered
09:30 2024 – Catastrophic Coverage Gone
10:50 KFF Explanation of Max out of Pocket
13:33 Detail of Spending Cap
16:45 Using Rx Discount Cards
19:39 What is a max out of pocket?
20:27 2024 – Extra Help Change
22:04 How to Apply for Extra Help/Low Income Subsidy
23:00 2024 – Premium Increase Limit
24:58 2025 – $2,000 Cap on Costs
25:23 2025 – Negotiated Drug Prices
29:40 Summary of All Changes
Implementation Timeline:
2023 – Drug companies must pay rebates if current drug prices rise faster than inflation
Adult vaccines covered under Part D are at no cost. Insulin is capped at $35 per month.
Vaccines to be covered:
2024 – Eliminating the 5% coinsurance for catastrophic coverage under Part D.
This essentially caps out-of-pocket spending in 2024 to approximately $3,250.
Expands income eligibility for Low-Income Subsidies for full help under Extra Help (150% FPL)
Begins limit on Part D monthly premiums to no more than 6% per year, through 2029
2025 – Adds $2,000 out-of-pocket cap in Part D
2026 – 10 Medicare Part D drugs can be negotiated by Medicare
2027 – 15 more Part D drugs can be negotiated by Medicare | Drug Rebate Rule under Trump admin repealed
2028 – 15 more Part D and Part B drugs can be negotiated by Medicare
2029 – 20 more Part D and Part B drugs can be negotiated by Medicare
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(Note, Supplements do not ever change, but the market does and we might save money.)
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Christopher Westfall
#medicare #medicaresupplement #medicareadvantage…(read more)
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First, thank you for all your videos their very informative hoping people are listening . I'm in need of knee replacement surgery, with medicare I will owe 20% of the bill and I have a plan f a high deductible, with that f plan after the deductible will there be other costs will they pick up what medicare doesn't pay, will I owe more percentages in the plan f? Hope you can help.
Obama’s care cost me $1250 a month and I was heathy!
It is written on the inflation act it will only lower 10 drugs a year
New to medicare. Is there a great low price D plain available?
How does the Inflation Reduction Act affect Medicare Part B coverage? I have a comprehensive Medigap plan which covers all deductibles and co pays and I’ve noticed some changes in my EOB’s from my Medigap provider. I received my statement for a doctor charge of $155.19 of which Part B paid $98.50 leaving $26.69 for my Medigap policy to pay. The amount shown on the EOB was $24.68. When I check my healthcare provider’s website it shows I owe nothing. This has been the same situation for several of my recent bills. Is this due to the Inflation Reduction Act? If it is shouldn’t there be a code on my EOB stating that? Thanks in advance for any explanation you can provide.
Interesting video; I sent it to my siblings.
Are chemotherapy drugs included in the part D changes?
Asthma inhalers are so expensive. Let’s work on getting those drug cost LOWERED and GETTING THEM COVERED. MOST PLANS DO NOT COVER MY ASTHMA INHALLERS AT ALL!! FULL OUT OF POCKET for me.
Eliminate penalty for those who did not originally need part but do now . That would be very helpful for those people.
SHIP counselors can also help apply for MSP's or LIS or Medicaid at your local Aging Services or Agency on Aging. It's what we do and for no charge.
Not so fast..SADLY!! Senate Republicans on Friday introduced a bill that would roll back the drug pricing reforms included in the sweeping Inflation Reduction Act, including the measures allowing Medicare to negotiate drug prices and capping annual drug expenses for many seniors.
Republican Sens. James Lankford (Okla.), Mike Lee (Utah), Cynthia Lummis (Wyo.) and Marco Rubio (Fla.) introduced the “Protecting Drug Innovation Act” on Friday, saying they wanted to pull back government authority over the prices of drugs covered by Medicare.
Thank you very much for the explanation of what is coming.
We have to face it if we are older the wicked wants us dead sooner rather than later
Barack O'Vomit.
Get your drugs at Costco!
I’m turning 65 in November. I can’t believe that people 65+ aren’t out on the streets protesting the horrible way we are being treated after all that we have done to make this country so much money. Our medical system is broken. It is ridiculous! Write your reps, demand that it is changed. Our grandchildren depend on it. Get up and do something to change this system! It’s OUR money!
Unless the govt. is willing to get a handle on the criminal profiteers otherwise known as "pharmacy benefit managers" who were hired to keep drug prices affordable but instead started doing crazy shit like arbitrarily jacking up a drug that normally costs $5 or $10 to hundreds of dollars or more for a time and reaming pharmacies and insurance companies then lowering that price and selecting another drug out of thin air and jacking that one up to $1000 or whatever, basically they were given free reign over prices and made it a big price gouging game that screws the insurance companies and pharmacies while they literally smirked at the US senate investigation and take took the 5th amendment on national Television – long story theres no one watching the price watchers. I kept waiting for him to address this glaring money grab but he never did directly
How come Medicare fails to cover Dental and Hearing?
Corporate found another way to rip citizen's off. I've lost all trust in Corporate Medical industry.There just criminal salesmen. Who the hell can pay for insurance just to be billed up the ass by private Corporate for profit Hospital for a bandaid. No thanks.
This video is giving me anxiety! Where can I get my free anxiety drugs?
It is terrible that anybody who don’t have funds – should have to pay medical bills – Especially when they are experimenting on Us.
The timelines for implementation of these changes are too long. I guess it will better benefit those entering in the system in the next two or three years. For those older, it's a long waiting period for relief or protection from high drug prices.
Screwed by the democrats again…..
I couldn't help but notice it still offers no portability. There are a number who go the 'expat' route, to try and make their retirement funds stretch further. There are also thousands who contributed to medicare/medicaid funds, but retired in their home country. No chance of using the benefits they were forced to contribute to as there aren't any such services available to them.
Pharma, the force of greed is strong with you! (Remember they also use Tax money to experiment on new drug research)
Thanks for the update
A good share of my high priced drugs actually list they are made in other countries. Why do we pay ten times what it cost if we could actually buy it in those countries ourselves?
My Part B went up 14 percent in 2022 when the Government said they are lowering medical cost. What?
I'm glad the government's finally moving in the right direction but I wish they'd be more aggressive in making pharmaceutical companies rational. What's the point of bleeding us until we die because we can't afford care. Aren't we the cash cow?
The government wants to lower the cost of prescription drugs…..great….but why not put out a recommended diet that eliminates carbs?, or eliminates bad things that are added to our food and cause major health problems like gluten, pesticides, bad seed oils like soybean oil which is now used in almost every food and many others!
They are getting us closer and closer to a national health service. The increases in benefits are expensive. The money is coming from somewhere. That somewhere is taxpayers. They give it to you with one hand and take it away with the other.
92% of medicine contains a form of soy, which I am highly allergic, OTC/Script. I must have medicine compounded, or try to find a med that does not contain soy. This is very hard, but I can find maybe one brand that will not have soy. Then the problem exist trying to find a pharmacy which will purchase it . In our area all of the pharmacy will only use 2 wholesalers and will not go out of network bec they will get penalized. This does not go into the amount of my total cost of medicine for Med D. Interesting info is a prescription can contain maybe 5 to 20 ingredients for the same script, depending on the brand the pharm purchases. Some can have 3 or 4 forms of soy in them. If the brand sub-contracted the derived soy ingredient, they actually do not know what was really used in the medicine. I can end up in the ER , so if unknown it is considered soy. p,s, In the USA 99% of all soy grown contains GMO/Monsanto which is a toxin which weakens our immune system. I called Walgreens about a brand of propranolol without soy and was told it would be $4,000.00 I can get it from my Med D for $60-90. I was trying to use Good RX which would be a savings. There are 100's of us. What help can we get?
Does the $35 cap on insulin drugs limited to specific insulin wand not all? Ex: Toujeo- will it be capped at $35?
I am over 80 years old. I have a Medicare Advantage plan with embedded drug benefits. I am not sure how the Advantage plan is impacted by the Part D benefit changes you described.
Is there a source that includes Advantage Plans with included drugs that shows the Advantage plan impact for each of the Part D benefit changes?
Will there be a cap on Part B drugs?
this designed to confuse hard working retirees and taxpayers. why not take all that money the thieves in wash. dc that pays for murdering innocent children and innocent persons around the world, and give the monies to hard working needy AMERICANS
Thanks for this channel and video! The drug co really paid lobbyists to water this down!! 2029 and still only 60 drugs. Embarrasingly small help. Forget working with STD of care, just learn how to buy direct from India. Same drugs, India and China make 99% of all drugs anyway. Go DIY your own health!!! Such a rip off and STD of care so crapy care anyway. Study low carb diet, figure out how to buy a continuous glucose monitor to help you eat right, live longer and healthier. Best to all.
What about Eliquis , I'm taking this med's
Thank you for explaining this.
Thank you. Very clear and concise. I shared this video with friends and family.
I have a feeling there’s gonna be even more changes of what you’re talking about right now this is just the tip of the iceberg things are gonna change drastically in the future here.
I have plan G. I’m happy with it but in the future, I might be looking at adding drugs due to aging, and that could mean going to an advantage plan or just adding plan D to my plan. You asked “what would you like to see in your plan”. The plans all charge “catch up” from when you first got on Medicare, so, in my case, that’s 10 years. That would be a humongous increase to make a change in order to cover future drugs. I’m healthy and only paying $14 a month, for 2 Rx drugs right now using “Blink”. I want the “catch up” to go away. My thought is to continue to stay on plan G and see if future legislation will eliminate the “catch up”. I get a trailstar injection every 3 months. That injection, that drug, has a hefty price which IS covered in my plan. Obviously, I pay the annual deductible every year which is usually met in the first quarter, so it has not been a problem. That injection/drug makes it prohibitive to go on an advantage plan as it would shift to drug costs from what I understand from a meeting to see if I would qualify for that plan. The people I met with could have been incorrect then and possibly things are different now. Any advise? Thanks!
Do I have to take Medicare if I have VA
People on Medicaid don't get shit
Every detail of complexity is to please, parody and cave to private insurance lobby’s. Single payer is a civil and constituent liberty. Anything else is parsing, begging, interdiction/theft between patient and doctor.
You lost me early on – and your rapidfire speaking, assuming that we all can follow every word, left me WAY back in the dust.
You seem to be presenting to a group of FULLY trained everyday workers in the industry – and not to someone like a regular retiree with little to no experience in this stuff. You wasted my time.