My brain is boggled by the medical technology world.
Can you imagine being born blind and then being able to see? Or becoming a quadripalegic being able to walk again?
Elon Musk’s company Neuralink is rolling out a new nervous system implant that could accomplish these dreams and many more (treat depression, dementia, Parkinson’s?).
A lot of folks have been waiting for the Federal Government to make a move in covering these new devices through Medicare. Their waiting is now over.
The President has introduced a new plan allowing Medicare to provide temporary coverage for cutting-edge medical devices (Like Neuralink), while manufacturers gather more data on their safety and effectiveness.
What does this mean for Medicare beneficiaries?
They will be able to access innovative technologies sooner, even as additional research is conducted.
The plan allows Medicare to cover these devices for up to five years or more while data is reviewed.
Afterward, a third-party will assess the research, and CMS will determine long-term coverage.
Some believe the plan is a step forward.
Others are concerned that the limited number of devices CMS can handle each year highlights a need for more resources (a.k.a. 💰💰💰)
This policy replaces previous legislation that automatically granted coverage, ensuring new devices are better evaluated before being widely used.
Ultimately, this approach aims to bring groundbreaking medical technology to Medicare beneficiaries faster while ensuring safety and effectiveness.