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UnitedHealth Group will eliminate cost-sharing for insulin and certain other prescription drug for many policyholders as soon as next year, CEO Andrew Witty said during an earnings call Friday.
The company’s UnitedHealthcare subsidiary will no longer require out-of-pocket spending from fully insured group members for the following medications:
- Insulin for diabetes;
- Epinephrine for severe allergic reactions;
- Albuterol for acute asthma attacks;
- Glucagon for hypoglycemia; and
- Naloxone for opioid overdoses.
“We need those folks to fill those prescriptions properly,” Witty said. “If they don’t get these medicines, they will go to the emergency room.” The company expects the change in its pharmacy benefits to reduce overall spending by preventing patients from becoming sicker, he said.
About 688,000 of UnitedHealthcare’s 8 million fully insured group members use these medicines, a spokesperson wrote in an email.
The high cost of insulin has attracted intensifying political attention. President Donald Trump and President Joe Biden both promoted policies to make the medication more affordable. The House passed a bill in March that would cap monthly out-of-pocket insulin costs at $35 for those with private health insurance and Medicare.
During the second quarter, UnitedHealth Group reported $80.3 billion in revenue, up 13% from $71.3 billion. Net income rose 18.9% to $5.1 billion. UnitedHealthcare membership grew from 49.6 million to 51.2 million compared to the year-ago quarter.
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