For the first time, Medicare will be able to negotiate prices directly with drug companies, lowering prices on some of the costliest prescription drugs.
For the first time, thanks to President Biden’s Inflation Reduction Act – the historic law lowering health care costs – Medicare is able to negotiate the prices of prescription drugs. Today, the U.S. Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), announced the first 10 drugs covered under Medicare Part D selected for negotiation. The negotiations with participating drug companies will occur in 2023 and 2024, and any negotiated prices will become effective beginning in 2026. Medicare enrollees taking the 10 drugs covered under Part D selected for negotiation paid a total of $3.4 billion in out-of-pocket costs in 2022 for these drugs.
Every year, I spend months painstakingly tracking every insurance carrier rate filing for the following year to determine just how much average insurance policy premiums on the individual market are projected to increase or decrease.
Carriers tendency to jump in and out of the market, repeatedly revise their requests, and the confusing blizzard of actual filing forms sometimes make it next to impossible to find the specific data I need. The actual data I need to compile my estimates are actually fairly simple, however. I really only need three pieces of information for each carrier:
Georgia's health department doesn't publish their annual rate filings publicly, but they don't hide them either; I was able to acquire pretty much everything via a simple FOIA request. Huge kudos to the GA OCI folks!
Back in July, I compiled the weighted average requested rate changes for 2024 for both the Georgia individual and small group markets. At the time, individual market carriers were asking for rate hikes ranging from a relatively modest 6% (UnitedHealthcare) to a stunning 27.7% increase (Cigna). The weighted average came in at right around 15% even.
On the small group market, meanwhile, only around half the carrier filings were available at all, so I couldn't really run a proper average, although of those which had filed theirs, the average came in at 12.6%.
Earlier today I acquired the most recent rate filings for every carrier in both markets. I don't know for certain whether these are the final, approved rates for 2024, but it seems likely:
Medicaid recipients deemed ineligible for coverage may be eligible for financial assistance and are encouraged to contact Nevada Health Link to avoid a lapse in health coverage
CARSON CITY, Nev. – As the redetermination process associated with the unwinding of the Public Health Emergency continues, Nevada Health Link, Nevada’s health insurance marketplace, is continuing to work diligently to streamline the enrollment process for individuals and households whose increased income no longer qualifies them for Medicaid coverage.
2023-24 Enacted Budget Invests in Health Equity by Adopting Key Evidence-Based Interventions to Better Care for New York Parents and Newborns
ALBANY, N.Y. (August 24, 2023) – The New York State Department of Health announced several key initiatives aimed at improving maternal and newborn health. Enacted as part of the 2023-24 New York State Budget, the state is committing to multiple Medicaid investments that will expand access to prenatal and postnatal care and support better birth outcomes. This announcement is released on the heels of the State’s adoption of the federal option to extend Medicaid and Child Health Plus (CHPlus) postpartum coverage from 60 days to a full year following pregnancy.
The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The new law provides meaningful financial relief for millions of people with Medicare by improving access to affordable treatments and strengthening the Medicare Program both now and in the long run. The law makes improvements to Medicare by expanding benefits, lowering drug costs, keeping prescription drug premiums stable, and improving the strength of the Medicare program. The law also extends enhanced financial help to purchase HealthCare.gov and state-based Marketplace plans and expands access to Advisory Committee on Immunization Practices (ACIP) recommended vaccines for adults with Medicaid coverage.
NJ Department of Banking and Insurance Announces Federal Approval of Section 1332 State Innovation Waiver Extension to Continue Reinsurance Program
Reinsurance Program Improves Health Insurance Affordability
TRENTON – The New Jersey Department of Banking and Insurance today announced the state received federal approval of a Section 1332 State Innovation Waiver Extension to continue a reinsurance program that lowers health insurance premiums in the individual market by 15 percent. The reinsurance program increases certainty and stability in New Jersey’s individual health insurance market.
ST. PAUL, Minn.—The Minnesota Insulin Safety Net Program was created in 2020 to help Minnesotans who face difficulty affording their insulin. During the 2023 legislative session, the Minnesota Legislature made important changes to the program that will improve access to this life-saving drug for undocumented Minnesotans who are struggling to afford their insulin.
Starting August 1, 2023, Minnesotans can use an Individual Taxpayer Identification Number (ITIN) as an accepted form of identification for program eligibility. This change provides a pathway to access the program for those who do not have a valid Minnesota identification card, driver’s license or permit, or tribal-issued identification. For minors under the age of 18 who need help affording insulin, a parent or legal guardian can use an ITIN as an accepted form of identification.
Open Enrollment Period at Get Covered New Jersey Begins November 1, 2023
Historic Levels of Financial Help Remain Available for the Upcoming Year
TRENTON — The New Jersey Department of Banking and Insurance today announced it is accepting applications for community organizations to serve as Navigators to assist residents with health insurance enrollment for the upcoming Get Covered New Jersey Open Enrollment Period and throughout 2024. This year, the department is making available a total of $5 million in grant funding for Navigators in an effort to ensure enrollment assistance is available in the community for residents seeking coverage through Get Covered New Jersey, the state’s official health insurance marketplace.
