Great news for Part D beneficiaries as it nears its 10 year anniversary
Medicare Part D's 10 Year Anniversary Shows More Savings
08.01.13 | By Liz Magsig
As we approach the 10 year anniversary of Part D being signed into law, more good news recently came out of CMS about the program. Their data showed that average monthly premiums are projected to stay stable at $31 for the 2014 plan year. Additionally, the Part D deductible will decrease from $325 to $310 next year – creating more savings for beneficiaries.
Part D continues to achieve this success because of its unique market-based structure. Part D plans compete against one another to negotiate discounts and rebates from biopharmaceutical manufacturers, which helps drive down costs. This competitive approach has put program spending on track to come in 45 percent less than initial 10-year projections and achieve a very high satisfaction rate amongst its beneficiaries – 94 percent, to be exact.
In honor of its upcoming anniversary, check out our Part D page to find out more about how this program is helping seniors and disabled Americans access the medicines they need at affordable prices.