Medicare Part D Payment Model Gives Health Plans More Incentives To Negotiate Lower Drug Prices
Participating plans to share in savings if they stay below spending target for Part D catastrophic phase and repay 10% of any excess spending; CMS also updates its VBID model.
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Almost a third of Medicare drug plans are expected to offer the insulin demonstration next year, while almost none have signed up for the payment ‘modernization’ demo, under which plans would be at more risk for spending during the catastrophic phase. The Centers for Medicare and Medicaid Services also announces basic Part D premiums will average $30.50 for 2021.
Adam Boehler will leave HHS and his post as director of the Center for Medicare and Medicaid Innovation to move to another job in the Administration.
“I want to express my displeasure at the lack of cooperation from the pharmaceutical manufacturers recently,” Finance Committee chair says, noting that large firms had declined invitations to speak publicly.