Medicare Deadline to Save on Insulin Extended

There are over 3 million Americans that have been diagnosed with diabetes, and that number is only expected to rise. With the cost of insulin skyrocketing, many of these Americans are struggling to afford the medication that they need to survive. Fortunately, Medicare has taken notice of this issue and has extended the deadline for people to enroll in a plan that will help them save money on insulin.

For many people, the cost of insulin can be a financial burden. Some people have to choose between paying for their medication and paying for other necessities like food and rent. Medicare's recent decision to extend the deadline for people to enroll in a plan that will help them save money on insulin is a step in the right direction, but there is still more work to be done to make insulin affordable for everyone who needs it.

So, what exactly does this deadline extension mean? And how can people take advantage of it? In this blog post, we will explore the details of Medicare's decision and what it means for people who rely on insulin to manage their diabetes.

Understanding the Medicare Deadline Extension

The original deadline for people to enroll in a Medicare plan that would help them save money on insulin was December 7, 2020. However, due to the COVID-19 pandemic, Medicare has decided to extend the deadline to December 31, 2023. This means that people who are currently enrolled in Medicare or who will be eligible for Medicare in the near future have more time to explore their options and enroll in a plan that will help them save money on insulin.

It's important to note that not all Medicare plans offer insulin savings. However, many Medicare Advantage plans and Part D prescription drug plans do offer insulin coverage. People who are interested in enrolling in one of these plans should do their research to find a plan that will meet their specific needs and budget.

One of the benefits of Medicare Advantage plans is that they often offer more comprehensive coverage than traditional Medicare. In addition to prescription drug coverage, many Medicare Advantage plans offer additional benefits like dental, vision, and hearing coverage. People who are interested in enrolling in a Medicare Advantage plan should weigh the pros and cons of each plan to determine which one is the best fit for their needs.

Why is Insulin So Expensive?

It's no secret that insulin prices have been steadily rising over the past few years. In 2019, the average price of insulin in the United States was $98 per vial. This was a 15% increase from the previous year. There are several reasons why insulin prices are so high.

One factor is the lack of competition in the insulin market. There are only three major insulin manufacturers in the United States: Eli Lilly, Novo Nordisk, and Sanofi. This lack of competition allows these companies to charge high prices for their insulin products.

Another factor is the complex supply chain involved in producing and distributing insulin. Insulin is a biologic drug, which means that it is made from living cells. This makes it more difficult and expensive to manufacture than traditional drugs. In addition, insulin must be transported and stored at specific temperatures to maintain its effectiveness. All of these factors contribute to the high cost of insulin.

What Can Be Done to Make Insulin More Affordable?

While Medicare's decision to extend the deadline for people to enroll in a plan that will help them save money on insulin is a step in the right direction, there is still more work to be done to make insulin affordable for everyone who needs it. Here are a few potential solutions:

1. Increase competition in the insulin market: One way to lower insulin prices is to increase competition in the market. This could be done by allowing more companies to manufacture and sell insulin products.

2. Regulate insulin prices: Another potential solution is to regulate the prices of insulin. This could be done by the government or by an independent organization. By setting price caps on insulin products, people would be able to access the medication they need without having to worry about the financial burden.

3. Make insulin more accessible: Finally, making insulin more accessible to people who need it could help to lower prices. This could be done by increasing funding for research and development of new insulin products, or by providing subsidies to people who cannot afford their medication.

Conclusion

Medicare's decision to extend the deadline for people to enroll in a plan that will help them save money on insulin is a step in the right direction. However, there is still much work to be done to make insulin affordable for everyone who needs it. By increasing competition in the market, regulating prices, and making insulin more accessible, we can ensure that everyone who needs insulin can access it without having to worry about the financial burden.