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