The Inflation Bill caps drug prices, how exactly?

[ColonelAngus]

FACT SHEET: How the Inflation Reduction Act Helps Rural Communities | The White House

By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families, including rural

www.whitehouse.gov

Lower Prescription Drug Costs for Seniors: Because seniors disproportionately choose to live in rural America, rural Americans stand to disproportionately benefit from the Inflation Reduction Act as it lowers prescription drug costs for seniors on Medicare. Today, Americans pay 2-3 times more for their prescription drugs than people in other wealthy countries. The Inflation Reduction Act increases access to medication in rural areas by improving prescription drug coverage and lowering drug prices in Medicare. The law:

• Caps the amount that seniors will have to pay for prescription drugs they buy at the pharmacy at $2,000 a year, giving peace of mind to seniors who no longer have to worry about spending thousands and thousands more on prescription drugs.
• Caps the amount that seniors will have to pay for insulin at $35 for a month’s supply.
• Means that seniors on Medicare will now have access to a number of additional free vaccines, including the shingles vaccine.
• Will further lower prescription drug costs for seniors by allowing Medicare to negotiate the price of high-cost drugs and requiring drug manufacturers to pay Medicare a rebate when they raise prices faster than inflation.

HOW IS THIS GOING TO BE ACCOMPLISHED? THEY DO NOT SAY

 

[debbiedowner]

FACT SHEET: How the Inflation Reduction Act Helps Rural Communities | The White House

By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families, including rural

www.whitehouse.gov

Lower Prescription Drug Costs for Seniors: Because seniors disproportionately choose to live in rural America, rural Americans stand to disproportionately benefit from the Inflation Reduction Act as it lowers prescription drug costs for seniors on Medicare. Today, Americans pay 2-3 times more for their prescription drugs than people in other wealthy countries. The Inflation Reduction Act increases access to medication in rural areas by improving prescription drug coverage and lowering drug prices in Medicare. The law:

• Caps the amount that seniors will have to pay for prescription drugs they buy at the pharmacy at $2,000 a year, giving peace of mind to seniors who no longer have to worry about spending thousands and thousands more on prescription drugs.
• Caps the amount that seniors will have to pay for insulin at $35 for a month’s supply.
• Means that seniors on Medicare will now have access to a number of additional free vaccines, including the shingles vaccine.
• Will further lower prescription drug costs for seniors by allowing Medicare to negotiate the price of high-cost drugs and requiring drug manufacturers to pay Medicare a rebate when they raise prices faster than inflation.

HOW IS THIS GOING TO BE ACCOMPLISHED? THEY DO NOT SAY

It's all in the article and I take it you're not a senior or on Medicare.

 

[BluesLegend]

I'm wondering how they are going to pay for this. Seniors can easily hit $2,000 for prescriptions in a single month. So who's going to pay for their prescriptions for the other 11 months of the year?

 

[ColonelAngus]

It's all in the article and I take it you're not a senior or on Medicare.

It does not say how.

HOW? THROUGH WHAT SPECIFIC MECHANISM WILL THE US GOVERNMENT SET PRICES?

WHERE does it say in the article?

 

[toobfreak]

FACT SHEET: How the Inflation Reduction Act Helps Rural Communities | The White House

By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families, including rural

www.whitehouse.gov

Lower Prescription Drug Costs for Seniors: Because seniors disproportionately choose to live in rural America, rural Americans stand to disproportionately benefit from the Inflation Reduction Act as it lowers prescription drug costs for seniors on Medicare. Today, Americans pay 2-3 times more for their prescription drugs than people in other wealthy countries. The Inflation Reduction Act increases access to medication in rural areas by improving prescription drug coverage and lowering drug prices in Medicare. The law:

• Caps the amount that seniors will have to pay for prescription drugs they buy at the pharmacy at $2,000 a year, giving peace of mind to seniors who no longer have to worry about spending thousands and thousands more on prescription drugs.
• Caps the amount that seniors will have to pay for insulin at $35 for a month’s supply.
• Means that seniors on Medicare will now have access to a number of additional free vaccines, including the shingles vaccine.
• Will further lower prescription drug costs for seniors by allowing Medicare to negotiate the price of high-cost drugs and requiring drug manufacturers to pay Medicare a rebate when they raise prices faster than inflation.

HOW IS THIS GOING TO BE ACCOMPLISHED? THEY DO NOT SAY

Just sounds to me like the drug companies CHARGE the same just that now government house picks up part of the tab reallocating taxpayer money in an effort to buy votes!

 

[ColonelAngus]

Who determines the prices of the drugs? How do they determine the prices?

SPECIFICALLY, HOW?

DRUG XYZ WILL COST $X PER PILL….How is that calculated?

 

[ColonelAngus]

Just sounds to me like the drug companies CHARGE the same just that now government house picks up part of the tab reallocating taxpayer money in an effort to buy votes!

Yes. This is what will happen….but morons in the cult do not get it,

 

[debbiedowner]

It doe
HOW? THROUGH WHAT SPECIFIC MECHANISM WILL THE US GOVERNMENT SET PRICES?

WHERE does it say in the article?

2022 senior's on Medicare Part D or an MAPD plan with drug coverage could pay as much as $7,050 oop getting to what is called as catastrophic coverage and at that point would pay $3.95 copay for generic drugs in all tiers (including brand drugs treated as generic) and an $9.85 copay for all other drugs in all tiers, or 5% of the cost.. Yes, there are senior's that reach this on a yearly basis. Most senior's have to pay a co pay for shingles shots, next year nothing. If you are a senior or know very many or have worked with a bunch of them this will be good for them.

Government doesn't set the prices of drugs but what caps on these plans. At a point that's called the gap or donut hole which is when you get to $4430 this year then the insurance company pays a small portion, manufacturers pays a portion and you would pay 25% on most if not all drugs.

Then comes drugs paid by part B of Medicare which is real complicated.

 

[ColonelAngus]

2022 senior's on Medicare Part D or an MAPD plan with drug coverage could pay as much as $7,050 oop getting to what is called as catastrophic coverage and at that point would pay $3.95 copay for generic drugs in all tiers (including brand drugs treated as generic) and an $9.85 copay for all other drugs in all tiers, or 5% of the cost.. Yes, there are senior's that reach this on a yearly basis. Most senior's have to pay a co pay for shingles shots, next year nothing. If you are a senior or know very many or have worked with a bunch of them this will be good for them.

Government doesn't set the prices of drugs but what caps on these plans. At a point that's called the gap or donut hole which is when you get to $4430 this year then the insurance company pays a small portion, manufacturers pays a portion and you would pay 25% on most if not all drugs.

Then comes drugs paid by part B of Medicare which is real complicated.

”A small portion”? What does that mean?

The government is giving people money to pay for drugs, they are not regulating prices.

Do you get this basic difference?

WHY DOESNT THE GOVERNMENT DO THIS FOR EVERYTHING? FOOD GAS HOUSES CLOTHES? WHY ONLY DRUGS?

 

[ColonelAngus]

How much will 1 pill of Twynsta cost?

The fact is that TAXPAYERS WILL SUBSIDIZE DRUG COMPANIES AND THOSE ON THE DRUGS. THE PRICES WILL NOT GO DOWN.

 

[ColonelAngus]

Why dont the drug companies just charge less? Isnt that simple?

Biden told oil companies to charge less….why not the same with drug companies?

 

[watchingfromafar]

I don’t know what the fuss is about the proposed congressional drug mandate concerning medication prices.

Personally I’m 73 and under the united health care plan. All the medications my personal doctor has prescribed have been free. My doctor orders a medication, I go to the pharmacy, and I get the medication for free.
The only drug I know of that is gouging the price is “insulin”.

Insulin (/ˈɪn.sjʊ.lɪn/,[5][6] from Latin insula, 'island') is a peptide hormone produced by beta cells of the pancreatic islets encoded in humans by the INS gene. It is considered to be the main anabolic hormone of the body. The human insulin protein is composed of 51 amino acids,
Insulin - Wikipedia
The current legislation allows insurers to charge $100 per prescription per month, which translates to $200 for those who take both basal and mealtime insulin or two other insulins

My question is why doesn’t my health plan cover insulin?
Does your health insurance cover insulin?
just asking
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