Tuesday, 14 August 2007
Medicare Part D Success: Most Seniors Have Prescription Drug Coverage
A recent study conducted by the University of Michigan’s Institute for Social Research (ISR) found that more than 90% of Americans over the age of 65 are enrolled in a prescription drug plan. Compared to numbers in 2004, when only 75% of seniors had drug coverage, the increased enrollment shows the success of Medicare Part D. The study also found that seniors with lower incomes were no less likely to enroll in a drug plan than seniors with higher incomes.
Medicare Part D opens an enrollment period once a year allowing seniors to purchase drug coverage from private insurance companies. During the enrollment period, all seniors are guaranteed to be accepted in a plan. Part D went into effect January 1, 2006.
According to the study, most beneficiaries were able to easily navigate through their options and had no problem finding satisfactory coverage — 69% were very or somewhat confident they made the right decision.
“Despite widespread complaints that the Part D plan is complex and confusing, our findings suggest that older Americans have been able to make good choices,” said David Weir, the University of Michigan economist who directed the ISR Health and Retirement Study.
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