Rising Insulin Prices and Medicare
As of October 2020, over 3.3 million Medicare beneficiaries took insulin to control diabetes. That represents a whopping 1% of the entire United States population! Further, the average manufacuter’s price of insulin has increased over 300% in the past decade.
Helping MORE Medicare beneficiaries mitigate the proliferation of insulin costs has become a very important service for the strongest health insurance brokers.
In recent years, many MAPD and Part D carriers have created specific benefits in their plan designs to help consumers maneuver the aforementioned pitfalls.
Legacy carriers (like Humana and United Healthcare) as well as start up carriers (like Devoted and Oscar) are not only working to lower the price hit of insulin, but also integrating diabetes training and other wellness programs. The net effect is to bend the cost and outcome curves to a better end for consumers.
Our advice to you: Make sure you know the ins and outs of insulin and diabetes care for every carrier you offer. Further, adopt new carriers who are best able to meet your clients’ and prospects’ wellness needs. As always, Agility is here to help.