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. 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. © 2021 CNBC LLC. 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. "These cards are incredible. WASHINGTON (AP) â If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. Have a confidential tip for our reporters? Got a confidential news tip? “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. If he can, that's $6.6 billion to a key voting bloc weeks before Election Day. Beneficiaries who get extra help from Medicare to pay for their prescription drugs don't experience the donut hole. Between the two, roughly 45 million Medicare beneficiaries have Part D coverage, according to 2019 research from the Kaiser Family Foundation. 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. 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. 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. HHS and the Centers for Medicare and Medicaid Services didn’t immediately respond to requests for comment. 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. Trump has said 33 million Medicare beneficiaries could receive the benefit, which can be used for prescription drug co-payments. "The cards will be mailed out in coming weeks," he added. The cards would allow seniors to save $200 off their prescription copays. 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. 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. 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¦] 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. (The order makes no specific mention of the $200 cards.). 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. Before it's here, it's on the Bloomberg Terminal. The cards would allow seniors to save $200 off their prescription copays. 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. 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. 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. To offset the cost of the cards, savings derived from Trump's drug-pricing plan would be applied, a White House official told CNBC. A White House official described the time line for distributing the cards to Medicare beneficiaries, asking not to be identified discussing internal planning. Trump initially said 33 million Medicare recipients would get the cards, but administration and congressional officials said the latest estimate is 39 million. People wondered if they would bear the presidentsâ name. You may have heard that Medicare beneficiaries will soon get $200 to help pay for prescription drugs. 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. The cards will be for prescription drug copays, the White House spokesperson said. About 45 million have Medicare Part D prescription drug coverage either through a standalone plan or as part of an Advantage Plan. Roughly 62.7 million individuals — the majority of whom are age 65 or older — are on Medicare, although coverage varies among them. Trump initially said 33 million Medicare recipients would get the cards, but administration and congressional officials said the latest estimate is 39 million. 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. The Trump Administration is now currently seeking to finalize the $7.9 billion drug-card plan this week. Beneficiaries with higher incomes also pay more for their Part D premiums (see chart). “Nobody has seen this before. 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. Steven Hadfield has a rare blood cancer requiring treatment with Imbruvica, with a list price of $132,000 a year. Presumably, the Presidentâs intention was to win over senior voters while noting that âJoe Biden wonât be doing this.â. ", 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. "Nobody has seen this before," the president said, with trademark salesmanship. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. In 2020, that gap starts once you and your plan have spent $4,020 on covered drugs. Roughly 62.7 million individuals — the majority of whom are age 65 or older — are on Medicare. 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. The remaining, about 33 million, get no extra help, Cubanski said. If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. All Rights Reserved. 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. You may want to temper your expectations. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Democrats have called for an expedited independent review of the program, questioning its legal authority. "I will always take care of our wonderful senior citizens. If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Trump. 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. Trump's $200 prescription cards won't hit mailboxes just yet. 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. P resident Trump said Thursday that his administration would send Medicare beneficiaries charge cards with $200 available to spend on prescription drugs. A Division of NBCUniversal. 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 ⦠Two hundred dollars wonât go very far. 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. 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 ⦠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 $200 cards for prescription drugs, intended for 33 million older Americans, are part of a $6.6 billion promise offered to a key constituency. 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 ⦠Of those, about 12 million have low-enough income to get assistance from the Medicare program to help pay for their prescription drugs. "These cards are incredible. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. We want to hear from you. If youâre on Medicare, donât run to the mailbox just yet looking for a $200 prescription drug card courtesy of President Donald Trump 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." 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.”. These cards are incredible,” Trump said. More details about the $200 cards will be forthcoming, an administration official told reporters on a call Friday morning. Get this delivered to your inbox, and more info about our products and services. (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. 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. WASHINGTON (AP) â If youâre on Medicare, donât run to the mailbox looking for a $200 prescription drug card courtesy of President Donald Trump. "Nobody's seen this before," Trump said. 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.