New Medicare Changes Limit the Cost of Insulin
Many people may not be aware that the pharmaceutical companies have been ruthlessly increasing the cost of life sustaining insulin far beyond the actual cost of production. Insulin prices can range from $334 to $1,000 a month in the U.S., according to a 2020 Kaiser Family Foundation report. Americans typically pay about 10 times more than people from 32 other countries, according to a 2020 government survey. Thankfully the federal goverment has finally stepped up to put a stop to this. Starting January 1st, 2023, the cost of insulin for Medicare patients will be capped at no more than $35 per month. Unfortunately, this law does not apply to private health insurers. But it is progress. Other hopeful avenues are emerging: The state of California is investing in making their own low-cost insulin and a non-profit company is hoping to bring affordable insulin to the market. These two plans could potentially bestow on some who require insulin the kind of insulin accessibility that patients in all other high-income countries enjoy.