Many middle-class seniors are forced to impoverish themselves by exhausting their hard-earned savings simply to qualify for Medicaid. Families, too, make undue financial sacrifices to provide in-home care to seniors — by forgoing paying jobs or leaving the workforce early.
Retirement in America is growing less secure, physically and financially, given the omnipresent threat and cost of serious illness or disease.
Why it matters: Qualifying for Medicare does not guarantee that older adults will skirt potentially ruinous medical bills. Millions of seniors have also come to rely on the taxpayer-funded program for lower income people — Medicaid — and there’s no indication that will slow down.
- “I can’t tell you how many times people talk about how unaffordable the costs are, how it wipes away life savings in short order,” said Tricia Neuman, a Medicare policy expert at the Kaiser Family Foundation.
via Axios.
Related Reading:
It’s time to let Medicare to negotiate drug prices.
If we truly want to lower prescription drug prices for all Americans, the number one solution is allowing Medicare to negotiate directly with Big Pharma. While it’s true that there are several commendable proposals to address the problem — including greater transparency, regulating Pharmacy Benefit Managers, promoting more generic competition, and importing drugs from Canada – Medicare must be empowered to engage in price negotiations with drug-makers. It’s an idea President Trump supported during the 2016 campaign, but has yet to embrace in office.
via twitter.
Related Reading:
America’s long-term care crisis is worsening.
Long term care is something most of us will need as we grow older…
…Unfortunately, this type of care is extremely expensive, and for many Americans, downright unaffordable. Most seniors simply don’t have the average $100,000 a year for a nursing home, $45,000 for assisted living, or $33,000 for in-home care…
…With millions of seniors and their families struggling to acquire — or provide — much-needed long term care, the time to act is now.
Michigan’s Medicaid program is proposing to fire the pharmacy benefit managers that handle its prescription drug claims and negotiate prices. The state would manage drug coverage itself, starting Dec. 1.
The big picture: More state Medicaid agencies have determined that outsourcing all negotiations and operations of prescription drugs to PBMs has not produced the dramatic savings they were promised.
Details: Michigan officials said in a bulletin the state could extract bigger rebates from pharmaceutical companies and cut administrative costs if the state handled all Medicaid medication benefits, instead of the current private contractors.
via Axios.
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via twitter.
Related Reading:
What ACA Repeal Means for Seniors.
Here are just a few of the real-life benefits millions of seniors in Medicare would lose immediately if Republicans have their way and repeal the Affordable Care Act:
- No out-of-pocket costs for preventive services like colorectal and mammogram screenings and annual wellness visits
- 50% discount for brand name drugs purchased while in the Part D donut hole, leading to the closure of the donut hole entirely
A preliminary analysis from the nonpartisan Congressional Budget Office (CBO) finds that the core provision of Speaker Nancy Pelosi’s (D-Calif.) signature bill to lower drug prices would save Medicare $345 billion between 2023 and 2029.
Democrats quickly touted the projected savings to show that their bill would effectively lower drug prices.
via The Hill.
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Sen. Rob Portman is blaming YOUR earned benefits for the rising debt. Well, he’s wrong. The GOP tax cuts for the wealthy will add over $1.5 trillion in debt.
We responded to his comments in this LTE which can be read by clicking here.
When Congress returns from summer recess on Monday, lawmakers will have plenty on their plates, especially the vexing issue of high prescription drug prices. Hill-watchers expect action on legislation from both parties which aim to reduce prices at the pharmacy counter, though there is scant consensus on specific policies.
Most Congressional Democrats believe (and the National Committee agrees) that the Department of Health and Human Services must be allowed to negotiate drug prices with pharmaceutical companies on behalf of Medicare.
Read more from this op-ed by clicking here.
In the heat of the most ferocious battle over drug prices in years, pharmaceutical companies are showering U.S. senators with campaign cash as sweeping legislation heads toward the floor.
In the first six months of this year alone, political action committees run by employees of drug companies and their trade groups have given the 30 senators expected to run for reelection nearly $845,000, the latest update to Kaiser Health News’ “Pharma Cash to Congress” database shows. That hefty sum stands out with Election Day more than 14 months away.
Lowering drug prices is one of the rare causes that has united Democrats and Republicans, and at least one proposal that would change the way the industry does business could get a vote in Congress this year. One of the most promising and aggressive updates would cap drug prices under Medicare so they do not outpace inflation.
via Kaiser Health News.
Stay on top of issues like this by signing up for our free newsletter, Your Morning Read, by clicking here.
via twitter.
Related Reading:
How the Tax Law Affects Seniors.
The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $2.3 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.
Inevitably, current and future generations of older Americans and people with disabilities will be forced to pay a heavy price for this irresponsible law.
via twitter.
Related Reading:
How the Affordable Care Act Helps Seniors.
The ACA provides new ways to help hospitals, doctors and other health care providers coordinate care for beneficiaries so that health care quality is improved and unnecessary spending reduced.
- Lower-Cost Prescription Drugs.
- Preventive Services and Annual Wellness Visit.
- Lower Medicare Part B Premiums.
- Medicare Fraud, Waste and Abuse.