WASHINGTON — President Trump on Tuesday will announce a prescription plan drastically reducing the cost of insulin for American seniors who rely on Medicare.
The deal struck with the nation’s insulin manufacturers and health care providers will limit the co-pay for a month’s supply of insulin to $35 — a 66 percent reduction to current costs, White House counselor Kellyanne Conway said.
The initiative will apply to the 1 in 3 Medicare enrollees who have diabetes, which is approximately 3 million people.
The announcement comes on the heels of hearings into the rising cost of insulin in the United States, with one diabetic groom-to-be dying in 2019 after switching to a cheaper version to help pay for his wedding.
“Having more predictable out of pocket costs will help seniors adhere to their doctor’s orders,” Conway told reporters on a briefing call.
The initiative will be unveiled during an event in the White House Rose Garden with Trump and the nation’s health care executives.
The plan, effective from January 2021, will save seniors approximately 56 percent or an average of $446 each year in insulin co-pays, said Seema Verma, administrator of the Centers for Medicare and Medicaid Services.