Insulin will now cost just $35 a month for people enrolled in Medicare, President Trump announced Tuesday.
A deal struck with the nation's insulin manufacturers and health care providers drops the co-pay to $35 a month, a 66% reduction from current costs, according to White House Counselor Kellyanne Conway.
There are approximately 3 million people on Medicare that have diabetes.
"Having more predictable out of pocket costs will help seniors adhere to their doctor's orders," Conway told reporters on a briefing call.
The change will be effective starting January 2021 and will save enrollees an average of $446 a year, according to Seema Verma, administrator of the Centers for Medicare and Medicaid Services.