10 Drugs Drive a Big Share of Medicare Spending
A new report from the Kaiser Family Foundation disclosed that 10 drugs accounted for $48 billion in Medicare Part D spending in 2021. Drugs for cancer treatment and diabetes-related weight loss medications dominated Medicare's prescription budget with their high sticker prices.
Key Takeaways
- Pharmaceutical companies offer financial assistance programs for beneficiaries who provide financial documentation—explore these first to reduce out-of-pocket costs for expensive medications
- Part B drugs administered in healthcare settings are covered differently depending on your plan: Original Medicare + Medigap results in no out-of-pocket costs after the Part B deductible, while Medicare Advantage can have additional cost-sharing
- Understand your specific plan's coverage details (Original Medicare, Medigap, or Medicare Advantage) before filling prescriptions, as coverage and costs vary significantly across plan types
- Medicare drug price negotiations begin in 2026—stay informed about which of the 10 high-cost drugs may see price reductions, as this will affect your coverage and costs in coming years
10 Drugs Drive a Big Share of Medicare Spending: A new report from the Kaiser Family Foundation disclosed that 10 drugs accounted for $48 billion in Medicare Part D spending in 2021. Drugs for cancer treatment and diabetes-related weight loss medications dominated Medicare's prescription budget with their high sticker prices.
In this free Finstream Video, Jae Oh, author of "Maximize Your Medicare," explains how this might change moving forward due to ongoing negotiations from the Inflation Reduction Act, potentially cutting back drug prices. Watch this video to learn about 10 Drugs drive a big share of Medicare spending.
Watch more free videos about Medicare on finStream TV at this link: https://www.finstream.tv/videos/medicare/ . Interested in Jae Oh's book, Maximize Your Medicare? Find it here: https://maximizeyourmedicare.com/
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