MI senators Stabenow and Peters tout Medicare price reforms
Michigan’s U.S. senators are touting the benefits of Medicare price reforms approved by Congress which take effect this week
Michigan Democratic U.S. Senators Debbie Stabenow and Gary Peters note that Medicare now caps the cost of insulin at 35 dollars a month and offers free access to vaccines covered under Part D.
Experts say most people on Medicare do not pay a premium for hospital stays because it’s covered through past payroll taxes. But recipients who did not work long enough will see a slight increase in those premiums.
Deductibles and co-pays for most outpatient treatment will drop a bit, except for some recipients with higher incomes.
Drug companies must also pay a rebate to the federal government if prices for prescriptions covered by Medicare rise faster than inflation.
Some congressional Republicans and advocates for the pharmaceutical industry complain the changes in drug pricing could cost companies so much that it will limit their ability to develop new medications.