This morning I was looking up some numbers on the new Medicare drug coverage and they are not good. We were expecting to be able to see the premiums go down by quite a bit and see the deductibles go up as well. However, it is a little too early to see that. The fact that the premium and deductible are going up and the amount of drug that is covered are going up too is rather alarming. There were many consumers out there who thought they would get their medications reimbursed at cheaper prices than what they are currently paying.
So, why are the prices increasing for the medication that is covered under Medicare Part B? It is because the government wants to make sure they don’t run out of money to pay for the drug if it is suddenly necessary to treat a disease or an emergency. Right now they have $53 billion in the kitty and they want to make sure that the drug companies keep paying the price. The reason why they are increasing prices is that the government is afraid that if they do not they will cause a shortage of the drug in the United States. You could say that the government is trying to protect itself, but when you hear that a drug is being increased in price then it is obvious that something is amiss.
In conclusion, it appears that the Obama administration has thrown its support behind Medicare Part B. They are supporting it so much, that they are making it mandatory. If you are not covered right now, you will be forced to go into the program. The problem with that is that the companies do not want the drug to be mandatory. So now they are raising their prices so that they can keep the people from getting it. What you may not know is that there are ways that you can reduce the cost of this drug coverage.