>> HERE IT COMES.
CHARLES FRANKLIN, THANK YOU VERY
MUCH.
>> THANK YOU.
>> DEMOCRATS HAIL THE INFLATION
REDUCTION ACT AS LIFE CHANGING
LEGISLATION.
CONGRESSIONAL REPUBLICANS ALL
VOTED AGAINST IT, CALLING IT
RECKLESS SPENDING.
IT'S NOW LAW AND THE HEALTHCARE
PRESCRIPTIONS WILL CAP
PRESCRIPTION DRUG COSTS FOR
NEARLY 900,000 PEOPLE ON
MEDICARE IN WISCONSIN AS WELL AS
EXTEND PANDEMIC ASSISTANCE
SUBSIDIES FOR MORE THAN 200,000
PEOPLE IN THE STATE ON
MARKETPLACE HEALTH PLANS.
BOBBY PETERSON IS EXECUTIVE
DIRECTOR OF ABC FOR HEALTH, A
NON-PROFIT PUBLIC INTEREST LAW
FIRM THAT HELPS HEALTHCARE
CONSUMERS NAVIGATE THE PROGRAMS.
AND BOBBY, THANKS VERY MUCH FOR
BEING HERE.
>> GLAD TO BE HERE, FRED.
>> SO, SPECIFIC TO PEOPLE ON
MEDICARE, THE LAW CAPS
PRESCRIPTION DRUG COSTS AT
$2,000 A YEAR, ALSO CAPS INSULIN
AT $35 A MONTH FOR NEARLY 60,000
ON MEDICARE IN WISCONSIN WHO USE
THAT DRUG.
HOW BIG OF A CHANGE IS THIS?
>> IT'S A BIG CHANGE.
I THINK IT HELPS TO REDUCE SOME
OF THE COSTS PEOPLE ARE FACING.
I THINK IT'S IMPORTANT TO
REMEMBER, THOUGH, THAT NOTHING
IN HEALTHCARE IS SIMPLE, AND
NOTHING IN THE INFLATION
REDUCTION ACT IN HEALTHCARE IS
SIMPLE EITHER, SO IT'S IMPORTANT
THAT WE DISTINGUISH THAT THIS IS
PRIMARILY GOING TO BE HELPING
PEOPLE THAT HAVE MEDICARE PART D
COVERAGE.
SO THAT'S A SUBSET OF MEDICARE
FOLKS, IT'S GOING TO BE FOLKS
GETTING MEDICARE PART D, AND A
LOT OF THESE CHANGES DON'T
UNFOLD FOR A COUPLE OF YEARS OR
SO.
THE $2,000 CAP DOES NOT START
UNTIL 2025.
>> DON'T EXPECT THAT KIND OF
RELIEF ANY TIME SOON.
HOW ARE OLDER PEOPLE ON A FIXED
INCOME EVEN ABLE TO AFFORD THE
OUT OF POCKET COSTS OF
PRESCRIPTIONS?
>> WELL, IT'S ALWAYS A STRUGGLE
AND IT'S ALWAYS, YOU KNOW,
FAMILY MEETINGS WITH, YOU KNOW,
KIDS, PARENTS, GRANDPARENTS,
TRYING TO FIGURE OUT HOW CAN WE
MAKE THIS WORK.
THIS IS GOING TO MAKE THE
PROCESS A LITTLE BIT EASIER, BUT
IT'S STILL COMPLEX.
STILL THE FAMILY MEETINGS TRYING
TO UNDERSTAND THE CHANGES THAT
ARE COMING, THE OPPORTUNITIES TO
GET SOME ADDITIONAL ASSISTANCE I
THINK IS REALLY IMPORTANT.
I WOULD ENCOURAGE FAMILIES, YOU
KNOW, WORKING TOGETHER TO WORK
WITH YOUR LOCAL AGING AND
DISABILITY RESOURCE CENTER
BECAUSE THEY CAN, YOU KNOW, IT'S
DIFFERENT -- THERE ARE SO MANY
NUANCES, IT'S GOOD TO HAVE THE
LOCAL LEVEL OF ASSISTANCE AND
THE AGING AND DISABILITY
RESOURCE CENTERS IN THE COUNTY
CAN HELP YOU.
YOU ALSO MIGHT WANT TO GET SOME
HELP FROM THE PART D HELP LINE,
WHICH IS A STATEWIDE 800 NUMBER
RUN BY THE FOLKS OVER AT
DISABILITY RIGHTS WISCONSIN.
THAT NUMBER IS 800-926-4862.
AND THEY ALSO CAN HELP YOU WITH
SOME OF THE QUESTIONS THAT
EMERGE, BECAUSE IT'S GOING TO BE
A LITTLE BIT DIFFERENT FOR ALL
THE FOLKS OUT THERE.
WE DID NOT GET A CHANCE TO TALK
ABOUT THE INSULIN, WHICH IS A
BIG DEAL, BECAUSE THAT WAS A
HUGE PRICE GOUGING -- ANOTHER
EXAMPLE OF FREE MARKET IN
HEALTHCARE WHERE IT'S NOT FREE
MARKET IF THERE ARE THREE PEOPLE
CONTROLLING THE PROCESS AND
RAISING PRICES BECAUSE PEOPLE
NEED IT TO LIVE.
SO, THAT'S A BIG DEAL FOR PEOPLE
THAT ARE INSULIN-DEPENDENT ON
MEDICARE PART D, THAT ONE STARTS
RIGHT AWAY IN 2023, SO THAT'S
IMPORTANT FOR PEOPLE THAT NEED
INSULIN, IT WAS REALLY GETTING
BAD.
>> ANOTHER PRONG OF THE LAW
WOULD ALLOW THE FEDS TO
NEGOTIATE DRUG PRICES.
IS THAT MEANINGFUL?
>> ABSOLUTELY.
I THINK WHEN YOU THINK ABOUT
FOLKS THAT ADVOCATE FOR FREE
MARKET HEALTHCARE, YOU KNOW,
NEGOTIATION AND OPPORTUNITIES TO
LEVERAGE PRICING IS ALWAYS A
PART OF THAT, AND FOREVER THE
FEDERAL GOVERNMENT HAS HAD THEIR
HANDS TIED BEHIND THEIR BACK IN
TERMS OF NEGOTIATING PRICES WITH
THE PHARMACEUTICAL INDUSTRY.
THIS LETS THE GOVERNMENT USE ITS
SIZE TO AN ADVANTAGE TO SAY WE
ARE GOING TO BE NEGOTIATING
THESE PRICES AND TRYING TO GET
THE BEST DEAL FOR OUR MEDICARE
RECIPIENTS.
AFTER ALL, THESE COSTS ARE
SOMETIMES BORNE BY THE
RECIPIENTS OR IT'S OUT OF THE
TRUST FUND SO IT'S IMPORTANT TO
MAKE SURE WE GET THE BEST DEAL
AND ALONG WITH THE FEDERAL
GOVERNMENT TO NEGOTIATE IS
REALLY AN IMPORTANT FEATURE OF
THE BILL.
AGAIN, IT NOT GOING TO HAPPEN
RIGHT AWAY.
THIS IS A SLOW UNWINDING OF THE
PROCESS, NOTHING IS GOING TO
HAPPEN FOR SEVERAL YEARS BEFORE
THE FEDERAL GOVERNMENT STARTS A
SLOW PROCESS OF NEGOTIATING WITH
TEN DRUGS AND RAMPS UP THROUGH
2030.
>> SO ASIDE FROM FOLKS ON
MEDICARE, THE LAW EXTENDS
EXPANDED PREMIUM TAX CREDITS FOR
PEOPLE ON AFFORDABLE CARE ACT
MARKETPLACE PLANS, EXTRA
SUBSIDIES THAT WERE SUPPOSED TO
GO AWAY AFTER 2022.
BREAK THAT DOWN FOR US.
WHAT WILL THAT EXTENSION MEAN?
>> YEAH, THAT'S GOING TO BE A
REALLY BIG DEAL FOR MIDDLE
INCOME FOLKS THAT WERE FACING A
POTENTIAL BENEFITS CLIFF WHO
WERE NOT GOING TO BE ELIGIBLE
FOR ADVANCED PREMIUM TAX CREDITS
ANYMORE AFTER THE OPEN
ENROLLMENT AND NOW THAT'S
EXTENDED.
THAT'S REALLY GREAT NEWS.
ONE OF THE REMARKABLE THINGS
THAT'S HAPPENED IS WE HAVE
LOWERED THE OVERALL RATE OF
PEOPLE THAT LACK HEALTH
INSURANCE IN THIS COUNTRY TO 8%.
IT'S NEVER BEEN THAT LOW.
SO THIS MODEL OF GETTING AS MANY
PEOPLE COVERED AS POSSIBLE IS
REALLY IMPORTANT BECAUSE THAT
BENEFITS US ALL.
THE TAX SUBSIDIES ARE GOING TO
EXTEND COVERAGE TO MORE PEOPLE,
MORE BENEFITS, AND IT WILL
ENCOURAGE PEOPLE TO MAINTAIN
THEIR HEALTH INSURANCE COVERAGE,
WHICH IS REALLY A GOOD THING SO
THAT WE ARE ALL COVERED AND WE
ARE GETTING THE SERVICES WE NEED
AND DESERVE.
>> ALL RIGHT.
BOBBY PETERSON, THANK YOU.