Medicare and Drug Price Transparency
The Henry J Kaiser Family Foundation estimates that $1 out of every $6 in Medicare spending is for prescription drugs. These medications play an important role in the health of 59 million beneficiaries. Drug price transparency is important to beneficiaries and agents alike. Beneficiaries can be more informed, and with an agent’s help, enroll in a plan specific to their needs.
How is CMS involved?
Earlier this month, CMS proposed a new drug price transparency rule that was targeted at direct-to-consumer television advertising. This rule would require drug manufacturers to publish wholesale prices during commercials. An informed consumer is an empowered consumer. This will allow beneficiaries to make informed drug purchasing decisions, especially beneficiaries with high deductibles and drug costs.
Several states across the US are implementing new laws that require drug companies to not only report but also justify any dramatic increases in their drug prices. Since early August, there have been over 100 bills introduced into legislation addressing the different issues of drug price increases. 30 states have drafted a total of 60 drug price transparency bills.
States are feeling the pressure to improve the sustainability of their budget and promote coverage access to all of their residents. As the push for drug price transparency rises, more states may begin to explore new laws and federal legislation could be impacted.
Sell Multiple Carriers
Some beneficiaries may want a network that includes their current doctor or preferred pharmacy. Selling multiple carriers is a great way to provide the best plan with a network and budget that works for each beneficiary. At Senior Market Advisors, you can contract with nearly every carrier in your state! Plus, we provide our agents with a lead management system, online sales training, in-house marketing team, sales support team, top-tier commissions, and so much more! Ready to contract? Visit agentcontract.com to start digitally contracting, or click here to get in touch with one of our agent advisors.