In a statement made today, President Joe Biden announced a new policy change for seniors on Medicare. Under this new policy, the cost of insulin will be capped at $35 per month. This change is aimed at providing relief for seniors who have been struggling to afford the high cost of insulin, which can reach hundreds of dollars per month. The President stated that this policy change will make a significant impact on the lives of seniors, and that the government will continue to look for ways to reduce the cost of necessary medications for all Americans.
Insulin is a vital medication for those with diabetes, and the high cost of the drug has been a significant burden for many seniors. This new policy change aims to alleviate that burden and ensure that seniors have access to the insulin they need without having to choose between their health and their finances.
The high cost of insulin has been a growing concern in recent years, with some people resorting to rationing their doses or even skipping doses entirely because they can’t afford the cost. This can lead to serious health complications and even death. The new policy change will help prevent these tragic outcomes by making insulin more affordable for seniors.
The cap will be applied to all types of insulin, including rapid-acting, long-acting, and combination formulations, and will be effective immediately. This will provide immediate relief for seniors who have been struggling to afford their insulin and will also ease the burden on the Medicare program.
This policy change is part of the President’s broader efforts to address the high cost of prescription drugs. The President has also taken action to allow the importation of cheaper drugs from Canada and has directed the Department of Health and Human Services to develop a plan to lower the cost of prescription drugs.
President Biden stated that “No senior should have to choose between buying insulin and buying groceries. It’s not just morally wrong, it’s bad economic policy.” He also added that “We will not stop until every American can afford the health care they need”.
Overall, the $35 cap on insulin costs for seniors on Medicare is a significant step forward in addressing the high cost of prescription drugs and ensuring that seniors have access to the medications they need. The President’s commitment to tackling this issue is a promising sign for those who have been struggling to afford the high cost of insulin and other essential medications.
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