Medicare Part D Accomplishments
Happy 10th Birthday, Medicare Part D!
12.06.13 | By
Birthdays provide a great opportunity to look back and reflect on accomplishments made along the way. On December 8, 2003, the Medicare Prescription Drug, Improvement, and Modernization Act, which created Medicare Part D, was signed into law. Since its enactment 10 years ago, the program has racked up an impressive track record. Here are just a few of its accomplishments:
- More than 35 million people with Medicare have comprehensive drug coverage through Part D.
- According to the latest MedPAC report, 94 percent of Part D beneficiaries are satisfied with their coverage.
- Part D is on track to cost $348 billion, or 45 percent, less than initial 10 year projections, according to CBO figures.
- The average monthly Part D premium will be about $31 in 2014, remaining virtually unchanged in the past few years, which is 50 percent lower than initial projections.
These milestones are just a few of the reasons why Part D has been such a success, we’d love to hear about your experiences with the program and how it has worked for you.