Introduction
The Medicare Part D program has achieved the rarest of distinctions among federal entitlement programs: it is both highly successful in its mission, and consistently comes in under budget. These accomplishments earn it high praise from policymakers on both sides of the aisle, as well as the beneficiaries it serves. The program’s success can be measured through multiple metrics. First, the program affords tens of millions of seniors more comprehensive health care by providing access to prescription drug coverage which most did not previously have. Second, Medicare Part D has cost both patients and taxpayers substantially less than originally projected. These factors lead beneficiaries to continuously report extremely high levels of satisfaction with the program.
Medicare Part D’s success is primarily a result of its structure—private health insurers compete against one another for seniors’ business. In fact, the program has been so successful that the number of options available to beneficiaries across the country not only necessitates competing insurers provide convenient access to a broad range of medicines at the best price, but also incentivizes them to provide additional services beyond the standard benefit. The success of the Part D program is a testament to the strength of the private sector’s ability to innovate and meet the demands of its customers. The tenets of the program that allow that success to occur should serve as a model for other government programs.
Success on Many Fronts
In 2018, beneficiaries in every state will have access to at least 19 stand-alone Medicare Part D plans, as well Part D plans offered in conjunction with Medicare Advantage plans (MA-PD).[1] The substantial number of options available provides for a robust marketplace throughout the country, improving outcomes for the program’s beneficiaries and for the taxpayers who finance more than three-quarters of the program’s basic benefits.
Read more: https://www.americanactionforum.org/research/medicare-part-d-advancing-patient-health-private-sector-innovation/#ixzz4wen5PgWX
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