How Drug Pricing Actually Works

Above the blog post with the following text: "Drug prices are skyrocketing and there is a complete lack of transparency within the industry. This creates high costs to consumers, increases health insurance premiums and finger pointing in every direction. Congress has passed the Patient Right to Know Drug Prices Act and the Know the Lowest Price Act to help combat these high prices. In addition, President Trump is proposing an executive order to create medical transparency and remove the industry's secret negotiations and pricing. We encourage everyone to watch the video below to see how drug pricing actually occurs

Drug prices are skyrocketing and there is a complete lack of transparency within the industry. This creates high costs to consumers, increases health insurance premiums and finger pointing in every direction. Congress has passed the Patient Right to Know Drug Prices Act and the Know the Lowest Price Act to help combat these high prices. In addition, President Trump is proposing an executive order to create medical transparency and remove the industry's secret negotiations and pricing. We encourage everyone to watch the video below to see how drug pricing actually occurs.

Short Term Limited Duration Plans Extension:

As many of you know, these have been not only a great way to reduce premiums by 50 - 75% of Affordable Care Act plans, but also a hot political debate. President Obama limited them to only 3 months. President Trump extended them to 36 months contingent upon state approval. The state of Iowa allowed 12 month plans for a short time, then limited them back down to 3 months. However, Iowa has now agreed to 36 month plans, and allow them to offer better coverage as well. There are several insurance companies that have filed to offer these plans in Iowa. We are currently waiting for the Iowa Department of Insurance to approve them.

Health Reimbursement Arrangements:

Once eliminated by the Affordable Care Act, these plans allow for employers to provide tax-free reimbursement to employees for health insurance premiums and other health care expenses. US Departments of Health & Human Services, Labor & Treasury issued a new policy allowing for HRAs once again. We will keep you informed of the final rules. For more information "View Here"

Wellmark Files for 2020 Rate Increases

Wellmark has filed a proposed January 1st 2020 rate increase with the Iowa Insurance Division due to additional Affordable Care Act taxes, more significant health conditions, and increased prescription use.