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As a business owner, you're likely aware of the importance of commercial insurance in protecting your business from various risks and liabilities. However, many business owners face the challenge of high insurance premiums, which can significantly impact their bottom line. Balancing the need for comprehensive coverage with the desire to reduce costs can be a difficult task, but it's essential to ensure the financial health and stability of your business. This article will explore the problem of high commercial insurance premiums and provide practical strategies for lowering your costs without compromising the protection your business needs. By assessing your business risks, implementing risk management strategies, maintaining a safe work environment, selecting the appropriate deductibles, and exploring discounts and bundling options, you can effectively manage your commercial insurance expenses and safeguard your business against potential risks. 1. Assess Your Business Risks and Coverage Needs Risk Assessment: Identifying Potential Exposures The first step to lowering your commercial insurance premiums is to evaluate your business's unique risks and coverage needs. Work with an insurance agent who understands your industry and can help you identify potential exposures. By tailoring your coverage to match your specific requirements, you can avoid paying for unnecessary coverage while ensuring that you have adequate protection in place. 2. Implement Risk Management Strategies to Lower Insurance Costs Effective Risk Management Practices and Their Impact on Premiums Insurance companies often consider a business's risk management practices when determining premium rates. By implementing effective risk management strategies, you can potentially reduce the likelihood of claims and, in turn, lower your insurance premiums. Examples of risk management practices include: Regularly reviewing and updating safety procedures Training employees on workplace safety and hazard prevention Installing security systems to prevent theft and vandalism Implementing cybersecurity measures to protect against data breaches 3. Maintain a Safe Work Environment through Risk Management Workplace Safety and Its Impact on Commercial Insurance Premiums A safe work environment can directly impact your commercial insurance premiums, especially for policies like workers' compensation and general liability insurance. By maintaining a safe workplace, you can reduce the likelihood of accidents and injuries, leading to fewer claims and lower premiums. Strategies for maintaining a safe work environment include: Regularly inspecting and maintaining equipment and facilities Identifying and addressing potential hazards Providing appropriate safety gear and equipment for employees Enforcing safety rules and policies 4. Choose Higher Deductibles One way to lower your commercial insurance premiums is to choose higher deductibles. A deductible is the amount you pay out-of-pocket before your insurance coverage kicks in. By opting for a higher deductible, you can significantly reduce your premium costs. However, it's essential to ensure that your business can afford the higher deductible in case a claim arises. 5. Shop Around and Compare Quotes To find the best insurance rates for your business, it's essential to shop around and compare quotes from multiple providers. Different insurance companies may offer different coverage options, discounts, and rates. By comparing quotes, you can identify the provider that offers the most cost-effective solution for your specific needs. 6. Take Advantage of Discounts and Bundling Options Many insurance providers offer discounts for businesses that meet certain criteria or demonstrate a commitment to safety and risk management. Ask your insurance agent about any available discounts, such as those for bundling multiple policies or maintaining a history of few or no claims. Taking advantage of these discounts can help you lower your commercial insurance premiums. Conclusion: Balancing Cost and Coverage through Risk Management Lowering your commercial insurance premiums is an important goal for many business owners, but it's essential not to compromise on the coverage your business needs. By implementing risk management strategies, maintaining a safe work environment, choosing appropriate deductibles, and exploring discounts and bundling options, you can effectively balance cost and coverage while ensuring that your business remains protected against potential risks. Take Action with Colsa Insurance Agency If you're looking to lower your commercial insurance premiums without sacrificing coverage, the experts at Colsa Insurance Agency can help. Our team is dedicated to understanding your business's unique needs and finding the best insurance solutions to protect your assets and minimize costs. Call us today at 281-815-2003 or visit our website at www.mycolsa.com to get started on optimizing your commercial insurance coverage.
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I remember when one of my children had their one and only accident (thus far – knock on wood) and they called me to inform me. I was expecting a nervous and fearful teen, probably in tears trying to explain me the situation. Surprisingly, it was all the opposite. A calmed, assertive teen, letting me know what had happened, assuring me everyone was ok, and the process they had followed to a T. We had the conversations and process before my children were allowed to get into a car and start driving. Is it any different when it comes to filing Business Insurance Claims? There are many issues that can cause setbacks for businesses. Electrical fires can damage inventory and equipment as well as shut down a business temporarily. Customer injuries can lead to lawsuits, natural disasters can destroy property and burglaries can result in thousands of dollars of losses in equipment and valuables. After any of the above events you'll have to file a claim with your insurer. But if you aren't prepared, take too long to file your claim or fail to document all of your losses, you may not receive a full claims payout. You can avoid that by following these tips (or have processes in place): Gather all Information - Before you file a claim, you have to first understand what happened, because the insurer and your claims adjuster will need detailed accounts of the event and circumstances leading up to it. Look at the insurance policy to see if there are any other necessary steps to take. Some policies include instructions about what to do if certain types of insurable losses occur. Don't procrastinate during this time. It's important that you quickly collect and document all the pertinent information. File your claim with your insurance company - The most efficient way to get your claim started is by contacting the insurance carrier directly. The best way to get the claim underway is by visiting your carrier's website and going through their claims process. Many offer a convenient online method, but also provide an 800 number to call if you prefer to speak to someone one-on-one. Whether you do it online or over the phone, you will be walked through the claims intake process. Be prepared to provide the information you gathered in the first step because your insurance company will need to know all the details about what and when it happened to properly assess your claim. Most insurers will contact you within 24 to 48 hours after you file your claim. Inform US of the claim - Once your claim has been started, it's now time to inform us, your insurance agent. In addition to answering any questions, we can explain your coverage and properly set expectations for what's to come. Additionally, if your claim has any complexity or nuance, we will be able to work with the carrier and/or provide useful advice and guidance. Create an inventory of losses - While you wait for the claims adjuster to contact you or for them to come out to assess the damage, you can work on creating an inventory of your losses. This is essential for providing a clear picture of the loss or damage. Include descriptions of items, their original values and estimated current values. It is also helpful to include a description about the condition of the item before it was damaged. If it is possible to photograph the damaged items, take photos for the insurer. Find copies of any receipts for damaged items. It is also helpful to do a walk-through of the damaged area with a video camera or a cell phone video camera. Videos help show the damage live and from multiple angles. Use them to supplement photo files. Show proof of the loss - Insurers require policyholders to sign sworn statements that show proof of their losses, and the required information must be sent along with the statement. This statement must be made and signed within 60 days of the insurer's first request for it. Make temporary repairs if needed - If temporary repairs must be made to prevent further damage or to protect other assets, they can be completed before the adjuster surveys the property. Do not order any unnecessary repairs. The only types of temporary repairs that should be made are those that will prevent further damage or prevent a possible liability. For example, a temporary roof repair may be necessary to prevent it from collapsing and injuring people, or a broken window may be fixed to prevent rain from coming into a building and causing water damage. Since repairs are included in the settlement, keep receipts for any services and items purchased. For contracted work, obtain two written bids from separate companies before hiring someone. The takeaway - Always stay organized when going through the claims process. Have a process – in writing -- Keep all papers accessible and have information ready in the event that an agent or adjuster calls. When talking to any repair companies or other related parties on the phone, keep track of calls and the reason for the calls. Save receipts for any items that are purchased in relation to the damage. To learn more about what to do during the claims process, give us a call. Construction Firm Tips for Avoiding Insurance Disasters
When you're in the construction industry you already have lots to worry about: Keeping your workers safe in one of the most dangerous industries, uninsured or underinsured subcontractors, and finding experienced employees from a shrinking pool of talent. Not only that, but lawsuits lurk in any project, exposing you to serious losses that can threaten the survival of your business. For these reasons, it's important that you understand your insurance coverages and that you know how to address any deficiencies that may exist in your risk management strategy. To make sure that you are not left exposed, we recommend the following: Choose the right insurance company We can help you find an insurance company with the experience in writing policies in your industry and the resources to tailor coverage to your needs. Remember, some large projects and lenders require that you are covered by only an A-rated insurer. Don't buy the cheapest policy If the policy price is significantly lower than other insurers, that may be a red flag. Make sure the insurer will be covering what the project owner, your lenders and other stakeholders require. If you find out your policy is deficient after you've purchased it, you'll have to cancel it and buy a new one. There go your profits. Understand your policy All policies have exclusions and you should understand what the insurance company will cover and what it won't. We can sit down with you and review every line of your policy, including any additional insured endorsements or exclusions, so you know exactly what's covered and what isn't. Don't buy insurance you don't need We can do a thorough review of your business and its risks with your help. It's important your coverage meets your needs and that you don't carry coverage for risks you're unlikely to face. Use the correct class codes It's easy to misclassify certain employees, and if you err it can come back to haunt you. When it's time for renewal, go through your books and make sure you have job descriptions for all of your employees. Keep track of your staff so that you get it right the first time. Also, keep track of new employees that you hire (or let go) during the course of the year, so that adjustments can be made to your policy. Avoid the independent contractor trap During the last few years, the IRS, the Department of Labor and a number of state agencies across the country have been cracking down on the practice of worker misclassification. There are many implications for classifying someone who is an employee as a contractor, and all of them are costly. You could be looking at back taxes, owing additional workers' comp premiums, lawsuits, and more. Don't understate payroll If your insurer audits your business and they find that your numbers just don't add up, you could end up having to pay additional premium or risk policy cancellation. Understand how 'claims-made' coverage works "Claims-made" policies have lower up-front and ongoing costs and they only let you make a claim during the policy year during which a project is being built. The biggest drawback of these policies is that if you have to file a claim years after the project is completed, you may be out of luck, especially if you've switched insurance companies. Check your subs' insurance certificates Know whether or not your policy will cover subcontractors or if they need to carry their own liability coverage. Verify that any subcontractors you use have valid and current certificates of insurance. Keep your policies current and up to date Many factors should prompt you to revisit your insurance policy: Hiring new employees, buying new equipment or vehicles, or opening a new office. These types of changes should prompt you to review your coverage with us to ensure you stay fully protected. A new survey has found that cyber risks have risen to become the number one concern among businesses, replacing the COVID-19 pandemic and business interruption as the top risks in 2022. The second-most cited risk was business interruption and supply chain disruptions, followed by natural catastrophes, according to the "Allianz Risk Barometer 2022." The rankings follow a year that saw an explosion in cyber attacks, massive business interruption and supply chain disruptions that have left factories idle and store shelves bare, and record damage caused by natural catastrophes. This annual survey provides perspective on the number and variety of threats businesses face, and which ones are causing the biggest headaches. Here are the rankings of the top eight risk cited by risk managers in the Allianz survey: 1. Cyber risks — Ransomware has become the number one cyber exposure for business, according to the barometer, just ahead of data breaches. Cyber criminals have refined their business models and tactics, which has made it easier for them to carry out ransomware attacks. Hackers have also started targeting technology and software supply chains, physical critical infrastructure or digital single points of failure. 2. Business interruption — The COVID-19 pandemic has caused the greatest global supply chain disruption in history, which in turn can lead to business interruption, particularly for manufacturers unable to secure much-needed parts. The supply chain has been disrupted by a number of factors, including pandemic-induced port closures in China, port congestion and factory closures. The biggest supply chain concern is cyber attacks on infrastructure and on supply chain and logistics technology. 3. Natural catastrophes — In 2021, the U.S. experienced 20 separate billion-dollar weather and climate disasters, putting it in second place for the most disasters in a calendar year, behind the record 22 billion-dollar events in 2020. 4. COVID-19 pandemic — Pandemic risk dropped from the number two spot in the 2021 rankings as businesses have become more confident in their contingency plans and safety protocols. "Many companies are taking advantage of the increased awareness of business interruption, and we have seen more organizations investing in tools and systems to improve transparency of supply chains, work through scenarios and update their business continuity," said Philip Beblo, global property industry lead for Allianz. 5. Regulatory and legal changes — Under the Biden administration, there's been an uptick in regulatory activity, including workplace safety standards for protecting workers against COVID-19 infection. There are also new state laws and regulations that require businesses to make operational and organizational changes to comply. 6. Climate change — The U.S. continues to see increases in the frequency and intensity of storms, wildfires and tornadoes, which are causing more expensive property damage, business interruption and insured losses. "The risks to businesses from global warming are being experienced with increasing force and immediacy — as direct damage after extreme weather events, but also leading to tightening regulation, and as threats to brand and reputation," said Line Hestvik, chief sustainability officer at Allianz. 7. Fires and explosions — Fires (excluding wildfires) and explosions caused in excess of $15 billion worth of damage globally between 2013 and 2018, according to an Allianz analysis of 470,000 insurance industry claims during the period. Besides property damage, a major fire or explosion can prevent companies from operating for some time and such incidents are the most frequent drivers of business interruption insurance claims. 8. Shortage of skilled workers — Another issue that the pandemic has exacerbated is the skilled worker shortage. Nearly seven in 10 companies reported talent shortages — the highest in 15 years, according to a ManpowerGroup survey. As the economy has reopened in the wake of business closures during the start of the pandemic, companies in most sectors have had trouble finding new staff and hanging on to valued employees as competition for talent is fierce. Maybe you’ve been here before. You’ve just come off the plane, picked up your baggage and gone to the rental car counter. You’re tired from the flight, about to begin an ambitious vacation or a challenging business project. And, this is the point at which you’re asked, “Do you want insurance with that?” Most travelers, facing that question from the rental representative, have the vague notion that they don’t really need to buy rental car insurance – which somehow is covered already. With just enough doubt in their minds, and the need to make a quick decision, perhaps they buy it just to be safe. So, which is it? Do you need to buy rental car insurance or not? Truth be told, there isn’t a one-size-fits-all answer. However, you can likely reach a conclusion you’re comfortable with by considering these three questions. 1. What Types of Rental Car Insurance Are Available? Typically, car rental agencies will offer you four types of insurance to purchase:
2. What Rental Car Coverage Might I Already Have? Start with your personal auto insurance. It’s likely that your policy will provide the same level of coverage for your rental as it does for your own car. That usually includes liability insurance, and, depending on the policy you purchased, may include collision, comprehensive and medical payments, too. There are exclusions, however. Some insurers won’t cover rentals in a foreign country, or rentals that are being used for business. Get in touch with your independent insurance agent to verify your coverages. Next there’s your credit card. Most cards offer some degree of coverage, but it varies widely. Coverage is usually secondary, designed to step in and pick up where your auto insurance leaves off, and it tends to be mostly confined to collision, damage and theft. For coverage to apply, most cards require that you decline the rental company’s collision damage waiver and pay for the car in full with the card that provides the protection. Again, contact your card company to find out exactly what is covered. Then, consider your health and life insurance, too. If you’re in an accident involving a rental car and you have these policies, you likely have coverage for your own costs. Plus, with your homeowners insurance, you may have personal property coverage to help repair or replace valuable belongings that are lost, damaged or stolen while you’re in a rental. Your deductible and policy limits will apply, and the same goes for renters insurance or condo insurance. 3. What Rental Coverage Might I Be Missing? In the event something does happen to the rental car, you may be looking at loss of use and diminished value fees, and your regular policy may not cover them. Loss of use is the income that the rental agency loses due to the vehicle being in the shop for repairs, and diminished value is the calculated reduction in a vehicle’s resale value as the result of an accident. Credit cards sometimes cover these, but be aware that they may require documentation that rental agencies can be reluctant to provide. So, before you make that next trip, give us a call and check with your credit card company. That way you’ll be ready to make an informed decision when you get to the rental car counter. Reposted with permission from the original author, Safeco Insurance®. Top image by Flickr user Timo Newton-Syms used under Creative Commons Attribution-Sharealike 2.0 license. Image cropped and modified from original. As more Americans work from home than ever before, many employers are wondering about their obligations under OSHA as well as how to reduce the chances that workers may be injured while telecommuting.
Obviously, the chances of an injury when working from home are small. The most common issue that is likely to arise is long-term injuries from poor workstation design, which can result in carpal tunnel syndrome and other stress and ergonomic injuries that develop over time. For the most part, employers should approach workplace safety for telecommuting workers as they would safety for office workers, particularly workstation design and arrangement (ergonomics) as well as work scheduling and distribution. Duties under OSHA OSHA's General Duty Clause applies to any place an employer has staff working, be that at the company's facilities or worksites, at a customer's worksite, or even if they work from home. Under the clause, employers have a general duty to "furnish to each of his employee's employment and a place of employment which are free from recognized hazards that are causing or are likely to cause death or serious physical harm to his employees." Fortunately, most workplace safety specialists say that employers have little responsibility in ensuring a safe workplace. In fact, OSHA has issued guidance stating that it:
Workers' comp still in play While that is good news, employers are still responsible for any injuries an employee suffers while working from home under workers' compensation laws. For an injury to be considered work-related it must:
With that in mind, employers do have an obligation to ensure that a home worksite is safe in order to prevent injuries, even if OSHA does not require it. The international law firm of Foley & Lardner, LLP recommends that employers:
Specific tips
The takeaway While you as an employer are not required under OSHA regulations to inspect your workers' home's for compliance, it is a good idea to give them guidelines for how to set up their home office and also work with them to supply any needed furniture or accessories they would need to safely carry out their work tasks. You may also want to consider asking them to install a smoke alarm in their home and that they have a plan to evacuate in case of fire or other emergency. Also if they have a lot of electrical equipment, there should be sufficient ventilation. The Trump Administration has issued a new rule that will require greater price transparency on the part of health insurers, including the rates charged by in-network physicians and copays and costs of drugs. The final rule requires health plans and health insurers to disclose on a public website their in-network negotiated rates, billed charges and allowed amounts paid for out-of-network providers, and the negotiated rate and historical net price for prescription drugs. The aim of the new rule is to give health plan enrollees more information when it comes to making decisions when seeking out and price-comparing care and choosing medications. With more information about health care costs, health plan enrollees can:
The drug price transparency part of the final rule came as a surprise because it was not included in the original proposed regulations. The new rules do not, however, take effect right away and different parts will be implement at different times. Nonetheless, it's important for health plan sponsors and employers to be aware of the rules as they will greatly affect how their employees access and shop for coverage and medications. Most of the rules do not apply to grandfathered plans. Here's what they will do once they come into effect: Transparency for enrollees Insurers will be required to make available to health plan enrollees the following information:
This information must be provided through an online tool on their website and in paper form upon request. Items or services include encounters, procedures, medical tests, supplies, drugs, durable medical equipment, and fees (including facility fees). Insurers will be required to make available an initial list of 500 shoppable services that will be determined by the Centers for Medicare and Medicaid, starting with the 2023 plan year. The remainder of all items and services will be required for these self-service tools for plan years that begin on or after Jan. 1, 2024. Public transparency Health insurers will be required to make available to the public, consumers, researchers and others the following information in "machine-readable" files:
The idea behind these changes is to provide opportunities for detailed research studies, data analysis, and offer third party developers the ability to create private apps and websites to help consumers shop for health care services and prescription drugs. These files are required to be made public starting with the 2022 plan year. The takeaway These are final rules but, as mentioned, the part of the rule that affects your group health plan and your employees doesn't take effect until 2023 as the industry will need time to prepare and comply. Once the rules take effect, your covered employees should have a wealth of information at their fingertips when they are shopping and comparing health services and drug information. Hurricanes can cause a tremendous amount of death and destruction. Longtime residents of coastal Florida, the Carolinas, Texas, Mississippi, Alabama and Louisiana are familiar with the drill - but there are always procrastinators. Hurricane preparedness takes time. Don't leave it to the last minute. Here are some things to keep in mind when a storm is coming:
By understanding these guidelines, you can protect your home as well as you can and keep your family safe. You will also have an easier time getting reimbursed by your insurance company for any damage. As lawsuits against employers continue rising amid the coronavirus pandemic, some businesses are requiring workers to sign waivers absolving them of liability and responsibility should they contract the virus.
Eight percent of executives surveyed by law firm Blank Rome said they would require that their workers sign waivers of liability before returning to the workplace. While employers are trying to protect themselves from a liability that didn't even exist a year ago, some human resources legal experts have expressed concerns that they may not be necessary and may be unenforceable. The moves come as employers are wrestling with numerous risks that the pandemic has wrought, and with the U.S. Senate having proposed legislation that would limit the liability of employers for workers who become sick during the pandemic. A number of states have also enacted laws or emergency regulations that make it harder for employees to sue employers for negligence over COVID-19. COVID-19-spurred employee lawsuits have mostly centered on employers not providing the proper protections for workers, discrimination or for being laid off for refusing to come to work. Legal experts caution that employers cannot require workers to waive rights they may have, such as access to workers' compensation benefits or the right to file a complaint with OSHA. They also say that some employers may consider waivers as a green light to not take precautions against COVID-19, but in such cases the waivers would likely not be legal. If a worker claims they caught COVID-19 at work and the facts back that up, they would likely have access to workers' compensation benefits (some states even require it). But if the employer was negligent, the employee could have further legal avenues to pursue besides workers' compensation, rights that cannot legally be waived, lawyers say. So even if an employee were to sign a document waiving their right to file a complaint if they feel their employer is being negligent, they may still have recourse. Requiring workers to sign waivers could present a number of legal issues, according to the law website nolo.com, including:
Another option While employees who refuse to sign a waiver of their company's liability may have grounds to challenge their employer, some liability lawyers say that employers instead of a waiver can ask their staff to sign a social contract that requires:
This type of agreement won't protect an employer from a lawsuit, but it does spell out that they are following authorities' recommendation for protecting employees. While employees who refuse to sign a waiver of their company's liability could have grounds to sue, those who sign this type of acknowledgement of new workplace rules and government guidance are less likely to be successful if they are fired for not signing. This is because the acknowledgement is not forcing them to give up any of their rights and is rather for their and their co-workers' protection. These social contracts also would provide workers with a list of their responsibilities when working during the COVID-19 pandemic, and outline what their employer is doing to protect them. President Trump has issued executive orders aimed at reducing the cost of medications by tying Medicare payment for outpatient drugs to international prices, passing drug-maker rebates to patients and not middlemen, and allowing individuals to import prescription medications.
Another executive order aims to force community health centers that receive 340B drug discounts to pass discounts for insulin and injectable epinephrine on to patients. Here's a run-down of the orders: Drug importation The Executive Order on Increasing Drug Importation to Lower Prices for American Patients calls for new regulations that would:
The system that Trump is proposing is reportedly modeled after new laws that took effect in Vermont in 2018, Florida in 2019 and then Colorado and Maine last year, allowing for the importation of certain prescription drugs from Canada. Florida's bill directed the state's Agency for Health Care Administration to establish a Canadian Prescription Drug Importation Program and an International Prescription Drug Importation Program. Vermont and Florida have already submitted proposals to the U.S. Department of Health and Human Services to import prescription drugs from Canada, as the president in recent weeks has reiterated his intention to allow states to do so. Federal law already grants HHS the authority to allow drug imports, as long as the department's secretary certifies the imported drugs are safe and effective and would lower costs to U.S. consumers. HHS and the Food and Drug Administration in early August unveiled two pathways that entities could use to import drugs. Under one pathway, HHS and the FDA would use existing rulemaking authority to allow states, pharmaceutical manufacturers and pharmacists to develop pilot programs to import drugs from Canada "that are versions of FDA-approved drugs that are manufactured consistent with the FDA approval." Eliminating secret deals Another order would prohibit secret deals between drug makers and pharmacy benefit manager (PBM) middlemen, ensuring patients directly benefit from available discounts at the pharmacy counter. The Executive Order on Lowering Prices for Patients by Eliminating Kickbacks to Middlemen would pass drug-maker rebates to patients and allow them to apply the rebate to their cost-sharing, such as deductibles in Medicare Part D plans. The order states that the any rebate rule could not be advanced unless the HHS secretary gave public confirmation that it would not raise premiums, taxpayer spending or out-of-pocket costs. In particular, the proposed rule would exclude from safe-harbor protections under the anti-kickback statute price reductions that are not applied at the point-of-sale or other remuneration that drug manufacturers provide to health plan sponsors, pharmacies or PBMs in operating the Medicare Part D program. It would also establish new safe harbors that would allow health plan sponsors, pharmacies and PBMs to apply discounts at the patient's point-of-sale in order to lower the patient's out-of-pocket costs. This would be a significant step in getting drug-maker discounts to patients instead of the PBMs. One of the reasons pharmaceutical prices are so high is the complex mix of payers and negotiators that often separates the consumer from the manufacturer in the drug-purchasing process. The result is that the prices patients see at the point of sale do not reflect the prices that their insurance companies, and PBMs hired by those companies, actually pay for medicines. Instead, PBMs negotiate significant discounts off of the list prices, sometimes up to 50% of the cost of the drug, and often the Medicare patient can never enjoy that discount. International reference pricing Another executive order, which hasn't yet been published publicly, would establish an international pricing index that would set the price Medicare Part B pays for the costliest medications covered under the program to the lowest price in other economically advanced countries. However, Trump said his administration will hold the order until Aug. 24 because he may not implement it. He said he needs to meet with pharmaceutical executives first. Epinephrine and insulin discounts The Executive Order on Access to Affordable Life-saving Medications would require federally qualified health centers to pass along discounts on insulin and injectable epinephrine received from drug companies to certain low-income Americans. Only patients with low incomes; those with high cost-sharing requirements for insulin or epinephrine; those with high, unmet deductibles; and/or those without health insurance would be eligible for the discount. What's next In all, Trump issued four executive orders that will require the Centers for Medicaid and Medicare Services to draft new regulations, which would likely not be completed by the end of the year. Regulations often take months to draft and then have to be sent out for public comment before final regs are written. The regulations will likely only come to fruition if Trump wins the presidency for a second term, as any regulatory initiatives in mid-stream would probably otherwise be abandoned. |
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