Why does the Government want to support a National Pharmacare plan? The Governments are concerned with the overall cost of people not adhering to their medications. They feel there will be substantial savings in the Health Care System if everyone is taking their recommended prescriptions.
There will be people that this will assist and help them adhere to their Prescriptions. However, I do wonder:
- If this is the reason why people don’t take their prescriptions?
- Is it just prescriptions that people should be taking or do we all have a responsibility to our overall health?
- The Government is looking at a Formulary, which means that not all prescriptions will be available.
“Pharmacare saves money: PBO
The Liberals have faced pressure within the party to deliver on pharmacare. In 2019, an advisory council appointed by the Liberal government recommended establishing a universal, single-payer public pharmacare system — first with an initial list of common and essential drugs and then with a comprehensive formulary. The advisory council estimated such a system would cost $15 billion a year once fully implemented.
The council also said that, once implemented, the pharmacare program would cut the sum Canadians spend prescription drugs by roughly $5 billion a year.
It proposed a $2 co-payment for common drugs and $5 for less common ones. Fees would be waived for those on low incomes or social assistance.
In a recent report, the Parliamentary Budget Officer estimated that a single-payer universal drug plan would cost federal and provincial governments $11.2 billion in the first year and $13.4 billion annually in five years.
The economy-wide savings, the PBO estimates, would be around $1.4 billion in 2024-25, rising to $2.2 billion in 2027-28.”
To stay informed and find out how these new legislations will affect your benefit plan, contact Glendinning Insurance Services at (250) 764-0142.
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