My prescription drug co-pays have gone way down

[iono1]

I'm on Medicare with a backup health insurance plan run by United Healthcare. In the last month or 2, the copays on my 3 most expensive drugs have dropped to zero. 

Does anyone know why this happened?  I'm guessing it's a Medicare change.  The 2 most expensive copays used to be $30 every 4 weeks & $60 every 3 months.  Some other drugs also are now zero. 

[toomuchreality]

I'm also on Medicare. But January 1st, I switched from United Health Care, to a plan that my PCP is covered by.

My medications were all changed due to heart attacks I had in January. So I'm unaware of any changes, such as you mentioned.

I just don't know. But I'm happy for you. That's a good thing!

[dannylion]

A quick google search reveals that this might be the result of implementation of the Inflation Reduction Act passed in 2022.  The information I found indicated that it is affecting people on Medicare with a part D plan.  I don't know how your other insurance figures into the pricing of your prescriptions; the current price reductions seem to involve the Medicare part D plans.

[Cheesy FL-Vol]

Biden's lower cost prescription drug law went into effect in March?


www.hhs.gov/about/news/2024/03/26/hhs-announces-savings-41-prescription-drugs-thanks-inflation-rebates-from-biden-harris-administrations-lower-cost-prescription-drug-law.html

[jerseygirl]

Jul 24, 2024 8:38:48 GMT -5 Cheesy FL-Vol said:

Biden's lower cost prescription drug law went into effect in March?


www.hhs.gov/about/news/2024/03/26/hhs-announces-savings-41-prescription-drugs-thanks-inflation-rebates-from-biden-harris-administrations-lower-cost-prescription-drug-law.html

That only affects these 41 drugs IF prices increase more than inflation . Since inflation has been running high wondering how many actually are affected?

[TheOtherMe]

According to the CPI, inflation is running at about 2% a year.  I know the CPI calculation does not include many of the realities of today's life, but if the Social Security increase for next year due to inflation were to be done today, it would be right at 2%.  That is according to my Federal Employee Retirement Newsletter.  They calculate all year and are usually very close to what happens in their predictions.

[jerseygirl]

Inflation for 2024 about 3% , Fed is ‘promising’ to decrease interest rates if inflation reaches target of 2%
In any case, fortunately it’s coming down from 2021. But 2021 and 2022 inflation damage has already increased costs of so many things, insurance, food, housing etc. Those prices aren’t decreasing
Anyway it would be good to have meds not cost as much. Although about 80% of meds are generic so cost is not high. It’s the new still on patent meds that are high.

www.usinflationcalculator.com/inflation/current-inflation-rates/

[The Walk of the Penguin Mich]

Jul 24, 2024 9:52:35 GMT -5 jerseygirl said:

Inflation for 2024 about 3% , Fed is ‘promising’ to decrease interest rates if inflation reaches target of 2%
In any case, fortunately it’s coming down from 2021. But 2021 and 2022 inflation damage has already increased costs of so many things, insurance, food, housing etc. Those prices aren’t decreasing
Anyway it would be good to have meds not cost as much. Although about 80% of meds are generic so cost is not high. It’s the new still on patent meds that are high.

www.usinflationcalculator.com/inflation/current-inflation-rates/

I am taking a drug that has been off patent for at least 5 years……probably closer to 10 years.  I’m paying as much for the generic as I did for the name brand drug while on patent (I can get a year supply in Canada what 3 months costs me….with insurance…in the US…but my SIL has retired so she can no longer rewrite my script so I can buy it there).  DH takes 2 drugs and neither of them have been on patent for ages (decades).  Both drugs are still very expensive.  There is something else involved other than patent that increases costs.  

[pulmonarymd]

Price increases for generic drugs have been insane. Pharma is not innocent here-consolidations, lack of quality control, closing factories, stopping production of generic drugs have all been done. We have a standing item for my critical care committee where we discuss drug shortages-almost all of them are genric medications. 

[jerseygirl]

Bipartisan congressional report released today on Pharmacy Benefit Management companies
Have just skimmed but seems these companies are increasing costs. Interesting that 2 of the largest are based in Ireland and Switzerland. Out of reach of many US laws and both countries have pharma companies. I worked for 2 US companies that were bought out by Irish companies. Taxes on US companies about 35% (?) while Ireland had a tax rate of 12%, the difference would cover much of the research budgets

oversight.house.gov/release/comer-releases-report-on-pbms-harmful-pricing-tactics-and-role-in-rising-health-care-costs%EF%BF%BC/#:~:text=WASHINGTON%E2%80%94Today%2C%20House%20Committee%20on,by%20deploying%20deliberate%2C%20anticompetitive%20pricing

[cronewitch]

Mine have been zero all year, last year I was spending about $20 a quarter. A shingles shot was over $100 then went to $4 the second after year end was zero. 

[TheOtherMe]

Jul 24, 2024 9:52:35 GMT -5 jerseygirl said:

Inflation for 2024 about 3% , Fed is ‘promising’ to decrease interest rates if inflation reaches target of 2%
In any case, fortunately it’s coming down from 2021. But 2021 and 2022 inflation damage has already increased costs of so many things, insurance, food, housing etc. Those prices aren’t decreasing
Anyway it would be good to have meds not cost as much. Although about 80% of meds are generic so cost is not high. It’s the new still on patent meds that are high.

www.usinflationcalculator.com/inflation/current-inflation-rates/

I went back and looked at the website.  Yes, it's 3% and I was in error.  

At one point earlier in the year, it was showing as -.03% and I was like not in my neighborhood.