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Government says it will pay for vaccines

Posted at 1:24 PM, Oct 29, 2020
and last updated 2020-10-29 13:24:16-04

LANSING, Mich. — The Centers for Medicare and Medicaid Services (CMS) says the government is planning to pay for all Americans to receive any future coronavirus vaccine.

The agency says it will pay for any vaccine authorized or approved by the FDA.

While the federal government is paying for the vaccine insurers including Medicare, Medicaid, and private plans must cover the cost of administering it.

“There are several vaccines in Phase 3 trials, production and distribution plans are well underway, and CMS is doing its part by laying the essential groundwork for coverage and payment when a vaccine does arise,” said CMS administrator Seema Verma. “It’ll be widely available and accessible to seniors and every American.”

This is an expensive undertaking the agency says if the 62 million people in the Medicare program got vaccinated it would cost around $2.6 billion dollars.

For Medicare recipients, any future vaccine would be covered by Medicare Part B as a preventative vaccine at no cost to beneficiaries. Medicare Part B covers doctor visits and outpatient services such as lab tests, diagnostic screenings and medical equipment.

In addition to covering the cost of a vaccine, the new CMS rule also outlines how Medicare plans to cover the “new generation of Covid-19 treatments” for its recipients.

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