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Part D Prescription Drug

Comparing Insulin Costs

One in every three Medicare beneficiaries has diabetes, and over 3.3 million Medicare beneficiaries use one or more of the common forms of insulin.

On January 26, Benita Lee from GoodRx Health published a detailed analysis comparing the costs of 28 brand and generic insulins.

GoodRx research shows shows that the average retail price for insulin rose 54% from 2014 to 2019.

Insulin prices have decreased slightly, about 5%, from January 2020 to October 2021.

While the federal government, manufacturers, states, and insurers have responded with efforts to curb insulin prices it is FDA approvals of generics and biosimilars that has mostly driven the downward trend in overall cash prices.

The Medicare Part D Senior Savings Model is designed to provide Medicare beneficiaries with new choices of Part D plans that offer insulin at an affordable cost where a one-month supply of insulin costs no more than $35 – including in the deductible, initial coverage, and coverage gap phases.

Several of our Medicare Advantage with Prescription Drug (MAPD) and Prescription Drug plan (Part D) carriers offer plans with the Senior Savings Model.   Give us a call at (518) 346-2115 or send one of our local advisors a note requesting more information:

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Source:

https://www.goodrx.com/healthcare-access/research/how-much-does-insulin-cost-compare-brands

https://innovation.cms.gov/innovation-models/part-d-savings-model

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