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Medicare Blog | Medicare News | Medicare Information

Top 5 Medicare Advantage plan changes coming for 2022

Posted by www.psmbrokerage.com Admin on Fri, Apr 30, 2021 @ 11:17 AM

 

Tags: Medicare Advantage, Medicare Part D, Prescription Drugs

Learn How to Become Certified and Sell Medicare Advantage Plans

Posted by www.psmbrokerage.com Admin on Thu, Apr 29, 2021 @ 04:28 PM

 

Tags: Medicare Advantage, Medicare Part D, Prescription Drugs

Why Mutual of Omaha for Medicare Solutions

Posted by www.psmbrokerage.com Admin on Thu, Apr 29, 2021 @ 09:05 AM

 

Tags: Medicare Part D, Mutual of Omaha Medicare Supplement, Prescription Drugs, dental plans

Medicare Drug Spending: 4 Fast Facts

Posted by www.psmbrokerage.com Admin on Tue, Apr 27, 2021 @ 09:05 AM

 

Tags: Medicare Part D, Prescription Drugs

President Trump Announces Lower Out of Pocket Insulin Costs for Medicare’s Seniors

Posted by www.psmbrokerage.com Admin on Thu, May 28, 2020 @ 01:26 PM

Tags: Medicare Part D, CMS, Prescription Drugs

Prescription Costs Doubled in Last 8 Years

Posted by www.psmbrokerage.com Admin on Tue, Jun 11, 2019 @ 02:08 PM


By Marlene Satter – BenefitsPro – June 10, 2019

According to the JAMA Network Open, between January 2012 and December  2017, prices for 48 out of 49 of the most common brand-name prescription drugs rose. In fact, 78% of the drugs available since 2012 saw an increase in insurer and out-of-pocket costs by more than 50%, and 44% more than doubled in price. MarketWatch reports the median price increases hit 76% over the six years, and some drugs didn’t just have one price increase per year but two. The number of adults over 65 – a growing demographic that takes about a third of all prescription drugs – is going to outnumber the under-18 demographic by 2035, and will have a significant impact on spending.

Source: https://www.benefitspro.com/2019/06/07/brand-name-prescription-drug-prices-double-in-6-to-8-years/?slreturn=20190511150621

Image: www.Canva.com

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Tags: Prescription Drugs

Spending on Pharmaceuticals to Soar past $370B in 2019

Posted by www.psmbrokerage.com Admin on Wed, May 29, 2019 @ 10:44 AM


Pharmaceutical Spending Will Reach $370B in 2019

Pharmaceutical cost-1

 

U.S. pharmaceutical spending is expected to grow by 2.5% in 2019, topping $370 billion, while overall healthcare spending is projected to grow by 4% and reach $3.6 trillion, according to a Fitch Solutions report released Monday.

By 2023, Fitch Solutions estimates pharmaceutical sales will top $420 billion, account for nearly 1.7% of the national GDP, and 9.7% of overall health expenditures.

Overall healthcare spending is expected to reach $4.3 trillion during the same period of time.

Source: https://www.healthleadersmedia.com/finance/pharmaceutical-spending-top-370b-2019

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Tags: Medicare Part D, Part D, Prescription Drugs

Coming Soon to a TV Near You: Drug Prices

Posted by www.psmbrokerage.com Admin on Tue, May 21, 2019 @ 11:37 AM

Drug Prices - TV-1


The Centers for Medicare & Medicaid Services (CMS), the agency that oversees the Medicare and Medicaid programs, have put a rule in place that will change the look of television ads for prescription medications. Last week, CMS announced that most drugs that are covered by Medicare or Medicaid must soon include pricing information in their TV ads.
 
The prices ads must include are the so-called “list” prices for the medications. In some ways, the list price for a drug is like the Manufacturer’s Suggested Retail Price, or MSRP, from car ads. Just as with cars, some consumers do pay the list price. If they are uninsured, for example, they may have no choice but to pay the list price. Or if they have a high deductible, they may be paying the list price until their coverage kicks in.

Read the press release about the new rule

Read Medicare Rights’ comments on the proposed rule

Source: https://blog.medicarerights.org/coming-soon-to-a-tv-near-you-drug-prices

Image: www.Canva.com

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Tags: Medicare, Prescription Drugs

Recent Trends in Drug Pricing Show Stark Differences in Brand-Name and Generic Drug Affordability

Posted by www.psmbrokerage.com Admin on Mon, Apr 22, 2019 @ 01:41 PM


A new report from the AARP Public Policy Institute (PPI) examines trends in prices for 390 generic prescription drugs widely used by older adults. The report found that retail prices for these drugs fell by an average of 9.3% between 2016 and 2017; the general inflation rate rose by 2.1% during the same period. This follows two consecutive years of substantial generic drug price decreases; the previous two years saw prices increase.
 
These price changes have meaningful financial consequences for people with Medicare and others who rely on generic drugs to stay healthy. According to the report, the average annual cost for one generic medication used on a chronic basis was $365 in 2017. This represents a dramatic drop since 2013, when the average annual cost of therapy was more than two times higher ($751).
 
These findings are in stark contrast with trends in the brand-name drug market, where price increases continue to significantly outpace inflation. In 2017 alone, brand-name drugs widely used by older Americans increased by an average of 8.4%.

Source: https://blog.medicarerights.org/recent-trends-in-drug-pricing-show-stark-differences-in-brand-name-and-generic-drug-affordability

Image: www.Canva.com

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Tags: Medicare, Medicare Part D, Prescription Drugs

Three Common Misconceptions About The Upcoming Medicare Annual Election Period

Posted by www.psmbrokerage.com Admin on Mon, Oct 01, 2018 @ 04:08 PM

Three Common Misconceptions About The Upcoming Medicare Annual Election Period

Many seniors have become victims of what they think they know about Medicare. Whether you’re new to Medicare or have been receiving benefits for a while, the complexities of Medicare can inspire a plethora of misconceptions.

The Medicare Annual Election Period (AEP) takes place from October 15 until December 7 every year. This allows Medicare beneficiaries to change Medicare Advantage or Medicare Prescription drug (Part D) coverage. Yet an analysis by the Henry J. Kaiser Family Foundation found that a whopping 78% of Medicare Advantage beneficiaries stayed on the same Medicare plan from 2013–2014.

Each year these plans experience policy changes, and seniors will need to look at their policy in comparison to the policies offered in their area. Medicare can be complex, so it's important to have a clear understanding of your options to make the best choice for your needs.

Find Out the Three Common Misconceptions Here.

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Tags: Medicare, Prescription Drugs

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