Sunday, March 26, 2023
North-JerseyNews.com
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation
No Result
View All Result
North-JerseyNews.com
No Result
View All Result
Home Trenton

Bill Tackling Medicaid Costs, Prescription Prices Signed into Law

Bill Sponsored by DeCroce, Schaer, and Vainieri Huttle

Nathan Resso by Nathan Resso
November 18, 2021
in Trenton
0 0
0
North-JerseyNews.com
0
SHARES
26
VIEWS
Share on FacebookShare on Twitter

A bipartisan bill designed to reduce costs for New Jersey’s Medicaid program was recently signed into law.

The bill, which was sponsored by Assemblywomen BettyLou DeCroce (R-26), and Valerie Vainieri Huttle (D-37) along with Assemblyman Gary Schaer (D-36), would require pharmacy benefits managers (PBMs) to disclose certain information to enhance transparencies in the Medicaid program.

“Without transparency in our state regarding PBM pricing, health insurance plans like Medicaid may be charged far more than necessary to provide residents with the prescriptions they need,” said Vainieri Huttle and Schaer in a joint statement.

“By properly monitoring pharmacy benefit managers’ profits, their payment models and use of spread pricing, New Jersey will be better equipped to put a stop to practices that are costing taxpayers and Medicaid beneficiaries,” added DeCroce.

Targeting PBMs

PBMs operate as intermediaries between health insurance plans, prescription drug manufacturers, and pharmacies in order to negotiate lower drug prices and process prescription claims. 

North-JerseyNews.com

However, PBMs sometimes engage in “spread pricing” where insurance companies are charged a higher price than what is paid to the pharmacy for a drug. Requiring transparency on these transactions would seek to limit this behavior.

“Requiring PBMs to disclose payments and benefits they receive for their services, how they implement fees, and more will help our state gain a better understanding of just how prevalent spread pricing is,” said Schaer and Vainieri Huttle.

Reporting Items Included

The new law would require any pricing discounts, credits, rebates, or reimbursements PBMs receive to be reported to the New Jersey Department of Human Services.

Additionally, PBMs would be required to disclose ingredient costs, dispensing fees, and other similar payments made to a pharmacy. Administrative fees would be included as well.

“From there, we can make more informed decisions about how to be more efficient and reduce health care costs on behalf of the more than 1.4 million residents covered by Medicaid,” they Democratic lawmakers concluded.

Rising Costs

The Centers for Medicare and Medicaid Services show the average state and federal Medicaid spending on prescription drugs increased by more than 14.8% annually.

Additionally, the study found prescription drug spending as a percentage of state budgets has increased by more than 89% over the past decade. 

“Everyone is negatively affected as the prices of prescription drugs rise. For our lower income residents who forgo important medications to pay the bills to our taxpayers who are suffering under increased state spending, it’s time we reign in these runaway costs,” DeCroce said.

Share this:

  • Twitter
  • Facebook
  • More
  • LinkedIn

Like this:

Like Loading...

Related

Tags: 26th Legislative District36th Legislative District37th Legislative DistrictAssemblyman Gary SchaerAssemblywoman BettyLou DeCroceAssemblywoman Valerie Vainieri HuttleBreaking News New JerseyBreaking News NJCenters for Medicare and Medicaid ServicesHealth InsuranceInsuranceLive News New JerseyLower Drug PricesMedicaidnew jerseyNew Jersey Breaking NewsNew Jersey Local NewsNorth JerseyNorth Jersey NewsPBMspharmacy benefit managersPolitical NewsPolitical News NJPrescription Costsprescription drugsSpread PricingWashington Political News
Previous Post

North-JerseyNews.com Roundup for Nov. 18, 2021

Next Post

Poll: Steady Support for Vaccination Mandates

Next Post
North-JerseyNews.com

Poll: Steady Support for Vaccination Mandates

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

support-Local

Recent Post

North-JerseyNews.com

New Jersey Had Third Highest Antisemitic Incidents in U.S.

by R0bert Amoroso
March 24, 2023
0

North-JerseyNews.com

New Corrado-led Legislation Would Prohibit Non-Consensual ‘Deepfake’ Porn

by Nathan Resso
March 24, 2023
0

North-JerseyNews.com

North-JerseyNews.com Roundup for March 24, 2023: TikTok Grilled by House Lawmakers

by North-JerseyNews.com
March 24, 2023
0

Popular

North-JerseyNews.com

New Jersey Had Third Highest Antisemitic Incidents in U.S.

by R0bert Amoroso
2023/03/24
0

North-JerseyNews.com

New Corrado-led Legislation Would Prohibit Non-Consensual ‘Deepfake’ Porn

by Nathan Resso
2023/03/24
0

North-JerseyNews.com

North-JerseyNews.com Roundup for March 24, 2023: TikTok Grilled by House Lawmakers

by North-JerseyNews.com
2023/03/24
0

Subscribe now

Join 100,000+ other subscribers

Select list(s) to subscribe to

ss-tp
2107.JG.FightForJersey

North-JerseyNews.com

When it comes to breaking news North Jersey, North Jersey local news or live news North Jersey, We all look for a reliable source that can give us authentic North Jersey news or local Jersey news.

© Copyright 2021 North-JerseyNews.com

Design and Developed By MOZWEBMEDIA

No Result
View All Result
  • Home
  • Washington
  • Trenton
  • County
  • Court
  • Roundup
  • Opinion
  • Search
  • Donation

© Copyright 2021 North-JerseyNews.com
Design and Developed By MOZWEBMEDIA

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Finance-Currency-Financial-World-Dollar-Funds-634901

Add Your Heading Text Here

Pop-up Design 1 (1)

 

Loading Comments...
 

    %d bloggers like this: