750,000 Americans Eligible for Medicare Rebate
TL/DR –
The US government has started offering savings on prescriptions for 64 different medications under Medicare Part B, which could help more than 750,000 Americans. Approved as part of the Inflation Reduction Act by the Biden administration, the Medicare rebate program aims to lower drug costs amid high inflation and will be available until the end of September. Medicare Part B recipients will automatically benefit from the rebate, which applies to outpatient medications used for conditions ranging from osteoporosis to infections and cancer.
Savings on 64 Medications for 750,000 Americans under Medicare Rebate Program
Over 750,000 Americans can now avail a Medicare rebate as the federal government starts offering savings on 64 different medications under Medicare Part B. This rewarding rebate program was initiated on July 1st and will continue till September 30th.
Medicare Rebate Program to Manage Prices during High Inflation
As part of the Inflation Reduction Act, this Medicare rebate program aims to lower drug costs during these times of high inflation. Over 750,000 Medicare beneficiaries use the medications under rebate scope annually to treat conditions such as osteoporosis, infections, and cancer.
Rebates on Outpatient Medications
This rebate applies to Medicare Part B drugs that are typically used as outpatient medications. Beneficiaries don’t need to take any action to benefit from this rebate. “Lower coinsurance payments for these drugs will start from July 1”, an HHS spokesperson noted.
Medicare recipients will notice reduced prices taking effect in July. Chris Fong, CEO of Smile Insurance Group, reaffirmed the ease of receiving the rebate. “The rebate should be applied at the claims processing stage and Medicare members do not need to make any active steps”, he clarified.
Medicare Rebates and Inflation Reduction
Alex Beene, a financial literacy instructor, affirmed the critical role of these rebates in combating the devastating effects of inflation on seniors. “With the costs of everyday expenses escalating dramatically, the rebate expansion under the Inflation Reduction Act will be transformative for many seniors struggling with medical expenses”, he observed.
Improving Access to Care for Seniors
The Improving Seniors’ Timely Access to Care Act was also proposed by a bipartisan group of senators. This act aims at faster prior authorization times for seniors on Medicare Advantage. Sen. Tim Kaine stated, “This legislation would expedite healthcare processes to ensure quicker access to care for Americans on Medicare Advantage.”
Currently, Medicare Advantage beneficiaries often have to wait seven days for a standard medical order to receive prior authorization. If the new bill is passed, these waiting times could be significantly shortened. Despite potential objections from insurance companies regarding the additional costs of implementation, Fong believes the bill has a good chance of being passed.
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