WASHINGTON – Many Medicare recipients could pay less for insulin under a deal President Donald Trump announced Tuesday in a pivot to pocketbook issues important in November's election.
“I hope the seniors are going to remember it,” Trump said at a Rose Garden ceremony, joined by executives from insurance and drug companies, along with seniors and advocates for people with diabetes.
The deal comes as Trump tries to woo older voters critical to his reelection prospects.
Medicare recipients who pick a drug plan offering the new insulin benefit would pay a maximum of $35 a month starting next year, a savings estimated at $446 annually. Fluctuating cost-sharing amounts that are common now would be replaced by a manageable sum.
The insulin benefit will be voluntary, so during open enrollment this fall Medicare recipients who are interested must make sure to pick an insurance plan that provides it. Most people with Medicare will have access to them.
Administration officials are hoping the announcement will provide a respite from the grim drumbeat of coronavirus pandemic news.
Stable copays for insulin are the result of an agreement shepherded by the administration between insulin manufacturers and major insurers, Medicare chief Seema Verma told The Associated Press. The three major suppliers, Eli Lilly, Novo Nordisk and Sanofi, were all involved.
“It was a delicate negotiation,” Verma said. Drugmakers and insurers have been at odds in recent years, blaming one another for high prices. “I do think this is a big step.”