Trump's $200 prescription cards won't hit mailboxes just yet. You may want to temper your expectations. Government officials said Friday that key details of Trumpâs election-year giveaway still have to be fleshed out, including the exact timing and how Medicareâs cost would be covered â a sum [â¦] Steven Hadfield has a rare blood cancer requiring treatment with Imbruvica, with a list price of $132,000 a year. President Donald Trump said during a speech on Thursday that his administration will send $200 cards to offset drug costs to 33 million Medicare beneficiaries. Have a confidential tip for our reporters? If youâre on Medicare, donât run to the mailbox just yet looking for a $200 prescription drug card courtesy of President Donald Trump A Division of NBCUniversal. Democrats have called for an expedited independent review of the program, questioning its legal authority. While President Donald Trump said during a speech on Thursday that his administration will send that amount via some sort of payment card to 33 million Medicare beneficiaries — which would cost about $6.6 billion — he didn't say who that figure includes. Politico reported that SIGIS had initially blocked the issuance of the cards and that despite weeks of pressure from the White House and Treasury Department, the panel’s approval surprised some administration officials. Trump initially said 33 million Medicare recipients would get the cards, but administration and congressional officials said the latest estimate is 39 million. "Nobody has seen this before," the president said, with trademark salesmanship. If he can, that's $6.6 billion to a key voting bloc weeks before Election Day. September 25, 2020 at 2:45 a.m. UTC President Trump unexpectedly announced Thursday that his administration will send $200 discount cards to 33 million older Americans to ⦠Democrats called the program an outright attempt to buy votes from elderly people, and White House aides conceded that the effort was hastily assembled ahead of Election Day. Politico reported late Monday that an obscure industry panel that advises the Internal Revenue Service on administering benefit cards abruptly dropped its opposition to the drug cards. Prescription drug benefits are generally delivered through Medicare Part D. While some beneficiaries pair a standalone Part D plan with original Medicare (Part A hospital coverage and Part B outpatient care), others receive their drug coverage through a Medicare Advantage Plan. The cards would allow seniors to save $200 off their prescription copays. Trump announced the program – which is expected to cost at least $6.6 billion - in late September, promising the cards for Medicare recipients would be mailed out “in coming weeks.”. The remaining, about 33 million, get no extra help, Cubanski said. The Trump Administration is now currently seeking to finalize the $7.9 billion drug-card plan this week. If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Trump. "These cards are incredible. Two hundred dollars wonât go very far. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The cards will be for prescription drug copays, the White House spokesperson said. President Trump made a campaign promise early this September that all seniors would receive a $200 drug-discount card in aid to fixing Americaâs prescription drug cost problem. Sign up for free newsletters and get more CNBC delivered to your inbox. Trump initially said 33 million Medicare recipients would get the cards, but administration and congressional officials said the latest estimate is 39 million. Emergency Rescue Service (SAMU) nurse Belisa Marcelino checks the lungs of Maria Geralda da Silva, 84, who is experiencing breathing difficulty and others symptoms of the coronavirus disease (COVID-19), as preparation is made to transfer the patient to a hospital amid the outbreak, in Sao Paulo, Brazil. Crypto Coin Outperforming Bitcoin Is About to See Supply Reduced, Microsoft Attack Blamed on China Morphs Into Global Crisis, Nasdaq 100 Tumbles, Ends 11% Below Feb. 12 Record: Markets Wrap, China Stocks Resume Drop as State Buying Fails to Lift Sentiment, Nasdaq Leads Surge in Futures as Bonds Rebound: Markets Wrap. Trump's announcement was made as part of a campaign speech delivered in Charlotte, North Carolina, on Thursday, where he signed an executive order aimed at protecting people with preexisting conditions (which already is law, under the Affordable Care Act), preventing surprise medical bills and lowering health care costs. Before it's here, it's on the Bloomberg Terminal. "The cards will be mailed out in coming weeks," he added. Beneficiaries with higher incomes also pay more for their Part D premiums (see chart). However, that program — which relies on drug manufacturers charging the same price in the U.S. that it does in comparable countries — only exists as a proposal and has not been implemented or enforced. âA $200 card is better than a sharp stick in the eye, but it wonât be that meaningful,â said Tom Scully, the Medicare chief under President George W. Bush who in 2004 implemented a two-year, $1,200 drug card program passed by Congress as part of the law creating the Part D prescription drug benefit. You may have heard that Medicare beneficiaries will soon get $200 to help pay for prescription drugs. © 2021 CNBC LLC. Trump Promises $200 Drug Discount Cards to Seniors September 25, 2020 at 6:40 am EDT By Taegan Goddard Leave a Comment âPresident Trump is promising to send $200 drug discount cards to 33 million seniors, an election year bid aimed at saying heâs lowering sky high prescription drug costs for older Americans,â Politico reports. In 2020, that gap starts once you and your plan have spent $4,020 on covered drugs. The Trump administration expects to begin sending $200 prescription drug discount cards to seniors by Jan. 1, a campaign promise to seniors that President Donald Trump was unable to fulfill before losing re-election, a person familiar with the matter said. WASHINGTON (AP) â If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. HHS and the Centers for Medicare and Medicaid Services didn’t immediately respond to requests for comment. "I will always take care of our wonderful senior citizens. Government officials said Friday that key details of Trumpâs election-year giveaway still have to be fleshed out, including the exact timing and how Medicareâs cost would be covered â a sum that could approach $7 billion. Beneficiaries who get extra help from Medicare to pay for their prescription drugs don't experience the donut hole. Trump's $200 Prescription Cards Won't Hit Mailboxes Just Yet If youâre on Medicare, donât run to the mailbox just yet looking for a $200 prescription drug card courtesy of President Donald Trump. President Donald Trump said Americans in the Medicare program for the elderly and disabled will be sent $200 discount cards for prescription drugs within weeks, potentially putting cash in their pockets ahead of his November re-election. However, "that's the number of those enrolled [with prescription drug coverage] who don't get low-income subsidies," said Juliette Cubanski, deputy director for the Kaiser Family Foundation's program on Medicare policy. The approval Monday by the Special Interest Group for Inventory Information Approval System Standards – a panel known as SIGIS that primarily assists the federal government with the use of debit cards for tax-exempt medical expenses – cleared the way for the distribution of the cards, according to the White House official. Of those, about 12 million have low-enough income to get assistance from the Medicare program to help pay for their prescription drugs. "Nobody's seen this before," Trump said. The cards would allow seniors to save $200 off their prescription copays. “After four years of empty promises to lower drug prices for the American people, the president now appears to be attempting to buy votes just weeks before the election using taxpayer dollars,” Democratic lawmakers, including Senator Ron Wyden of Oregon, said in a letter sent to Health and Human Services Secretary Alex Azar after the program’s announcement. (The order makes no specific mention of the $200 cards.). December 15, 2020, 1:55 PM PST The Trump administration expects to begin sending $200 prescription drug discount cards to seniors by Jan. 1, a campaign promise to ⦠All Rights Reserved. These cards are incredible,” Trump said. Get this delivered to your inbox, and more info about our products and services. We want to hear from you. The White House has said the program is a legal “test” allowed under a provision of the Medicare program that allows the federal government to experiment with methods to improve medical outcomes and lower costs. Roughly 62.7 million individuals — the majority of whom are age 65 or older — are on Medicare. A White House official described the time line for distributing the cards to Medicare beneficiaries, asking not to be identified discussing internal planning. Got a confidential news tip? Presumably, the Presidentâs intention was to win over senior voters while noting that âJoe Biden wonât be doing this.â. President Trump claimed he would send $200 in drug coupons to Medicare recipient seniors, though his $7.7 billion pool to do so doesnât exist yet. One expert said that's how many enrollees get no extra help from the Medicare program to pay their prescription drug costs — i.e., middle-income and higher-income recipients. About 45 million have Medicare Part D prescription drug coverage either through a standalone plan or as part of an Advantage Plan. (Bloomberg) -- The Trump administration expects to begin sending $200 prescription drug discount cards to seniors by Jan. 1, a campaign promise to seniors that President Donald Trump was unable to fulfill before losing re-election, a person familiar with the matter said. P resident Trump said Thursday that his administration would send Medicare beneficiaries charge cards with $200 available to spend on prescription drugs. Data is a real-time snapshot *Data is delayed at least 15 minutes. Anthony Fauci: 'It might take some time' before the public gets a coronavirus vaccine, How to navigate volatile markets during retirement, Americans have lost $145 million to Covid-19 scams, Here’s what to know about reverse mortgages, details about the $200 cards will be forthcoming. People wondered if they would bear the presidentsâ name. To offset the cost of the cards, savings derived from Trump's drug-pricing plan would be applied, a White House official told CNBC. Some Medicare beneficiaries with high drug costs reach what's called the "donut hole," when there's a temporary limit on what the enrollee's plan will cover and their per-prescription cost might rise. If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. The cards encountered objections within the administration, consigning them to a list of other election-year promises -- an overhaul of the immigration system, a replacement for Obamacare -- that never materialized before Trump’s defeat by former Vice President Joe Biden. More details about the $200 cards will be forthcoming, an administration official told reporters on a call Friday morning. WASHINGTON (AP) â If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. Between the two, roughly 45 million Medicare beneficiaries have Part D coverage, according to 2019 research from the Kaiser Family Foundation. Oct 15, 2020 Experts say a last-minute proposal by President Donald Trump to distribute $200 prescription drug credits to Medicare Part D enrollees on preloaded debit cards faces many unanswered questions and will be difficult to implement, especially in the short time before the Nov. 3 ⦠"These cards are incredible. Trump has said 33 million Medicare beneficiaries could receive the benefit, which can be used for prescription drug co-payments. The $200 cards for prescription drugs, intended for 33 million older Americans, are part of a $6.6 billion promise offered to a key constituency. Roughly 62.7 million individuals — the majority of whom are age 65 or older — are on Medicare, although coverage varies among them. President Donald Trump said during a speech on Thursday that his administration will send $200 cards to offset drug costs to 33 million Medicare beneficiaries. “Nobody has seen this before. The White House says the cards would be paid for under a Medicare program that's generally intended to test innovations to improve health care or lower prices — and must be "budget neutral." The $200 cards â which would resemble credit cards, would need to be used at pharmacies and could be branded with a reference to Trump himself â would be paid for by tapping Medicare's trust fund. ", More from Personal Finance:How to navigate volatile markets during retirementAmericans have lost $145 million to Covid-19 scamsHere’s what to know about reverse mortgages.
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