What Is Prescription Drugs Residual Cost After Health Reform?

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Many are wondering what is prescription drugs’ residual costs in the aftermath of the recent historic signing of the health reform bill on Tuesday, March 23rd. The bill has proven to be a highly polarizing issue among Americans, due partly to large confusion over what the bill specifically entails. Listed here is a short list compiled by Prescription Drug com to help consumers understand how the bill will affect them over the next ten years.

The Impact on Insurance

• Coverage is now expanding to include an estimated 32 million uninsured Americans.

Those unclear as to what is prescription drugs’ resulting impact from the health reform bill will find this particular initiative to have the largest effect on making medicines more affordable for Americans. While prescription drugs prices had skyrocketed to highly prohibitive costs over recent years, making them unattainable for many, increased insurance coverage for US citizens now means meds will be more accessible.

• Individuals who fall within the 133% and 400% poverty bracket level can now acquire insurance through state-based exchanges.

These exchanges, in theory, provide increased oversight and regulation, as insurance must be reviewed and certified by those appointed to run the exchange; however, as different states are subject to institute different operating rules and standards for these state-run exchanges, the quality and effectiveness of their oversight could vary from state to state.

While many of these changes are set to roll out over the next ten years, there are several benefits will be implemented in relative short order.

• Americans who fall between the 100% and 400% poverty level are eligible for subsidies to aid them in obtaining insurance on an exchange.

A subsidy is a form of government financial aid – those who will receive subsidies for their insurance cannot also seek to obtain Medicare or Medicaid, nor can they receive health insurance through their employer.

The Impact on Medicare

• The Medicare donut hole will close over the next ten years.

This notorious provision added to Medicare in 2006 made seniors pay thousands of dollars out of pocket on prescription medicines before their coverage would kick in will now be eliminated by 2020, this in addition to $500 billion in Medicare cuts that will continually lower costs over time.

Immediate Changes

• Senior citizens who fell into the Medicare D donut hole in 2010 will receive a $250 rebate and will receive a 50% discount on brand name prescription drugs in 2011.
• Individuals previously denied coverage due to pre-existing conditions can now get coverage through the government.
• Dependents can now stay on their parents’ insurance plan until they reach 26 years of age.

Prescription Drug Com Is Committed to Consumers

Those wondering what is prescription drugs' level of affordability now that more Americans can receive coverage can feel secure in knowing they’ll be able to obtain the medicines they need; however, they still do not come free -- to further increase savings on meds, Prescription Drug com is committed to help consumers find the best pharmacy discounts.