WASHINGTON, Aug. 4, 2011 /PRNewswire-USNewswire/ — According to
new data released by the Centers for Medicare & Medicaid
Services (CMS), the 2012 average Medicare Part D prescription drug
plan premium is roughly $30, a figure far lower than the $41 figure
that was originally estimated in 2003. The premium figure confirms
the success of Medicare Part D plans in delivering savings, said
the Pharmaceutical Care Management Association (PCMA)
today.
“With the help of pharmacy benefit managers, Part D sponsors
continue to exceed expectations in terms of savings, choice, and
satisfaction in Medicare,” said PCMA President and CEO Mark
Merritt. “Part D is a rarity among federal programs in that it
actually comes in under budget each year.”
This latest data comes on the heels of two new reports that
highlight the success of Part D:
Government
Accountability Office (GAO) report that found “90 percent of
the mid-year changes plans make to formularies are enhancements
like covering a new drug. In the few cases when a drug is no longer
covered, it’s usually because a generic version of that drug has
become available.”
Journal
of the American Medical Association study that found
“implementation of Medicare Part D was followed by a significant
reductions in nondrug medical spending, particularly on acute and
post acute care, for elderly Medicare beneficiaries with limited
prior drug coverage.” This study is a potential “game-changer” and
shows how better prescription drug benefits can generate
significant savings in other health care settings. Many illnesses,
hospitalizations, and emergency room visits occur because seniors
with sub-par benefits didn’t have access to the medications they
needed. The Part D example shows that more competition and greater
use of PBM tools like home delivery of c
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