President Donald Trump announced Tuesday a plan that would drastically lower the cost of insulin for Medicare enrollees to $35 a month.
White House counselor Kellyanne Conway said the deal was made with American insulin manufacturers and health care providers to limit a copay for a month’s supply of the drug to $35, or 66 percent of the current price, the New York Post reported.
The initiative would help the one-in-three Medicare enrollees who have diabetes, or approximately three million people.
“Having more predictable out of pocket costs will help seniors adhere to their doctor’s orders,” Conway told reporters on a briefing call.
The plan, which will go into effect January 2021, will save seniors 56 percent or $446 on average each year in insulin copays, according to Seema Verma, administrator of the Centers for Medicare and Medicaid Services.