Medicare price cut coming

A major price cut is coming to Medicare.

According to Medicare Deputy Administrator Jonathan Blum several changes will save patients money.

Patients who rent hospital beds, home oxygen equipment, wheelchair and other items will see savings.

Diabetes testing supplies that now run about $16 per month will drop down to about $4.50.

Blood sugar supplies for diabetes patients will also be provided through a new national mail order program.

Blum says that the reason for the decrease is competitive bidding.

Taxpayers are expected to see nearly $26 billion in savings over the 10 years with the changes.

Medicare is piloting competitive bidding in 9 cities right now but the program is expected to be expanded to 100 cities in the future.