Thursday, 10 January 2008
Medicare Prescription Drug Benefit Created Savings For Seniors
The Annals of Internal Medicine recently published a study that found the creation of the Medicare Prescription Drug plan — informally, Medicare Part D — lowered the out-of-pocket expenses for seniors.
After one year of Medicare Part D, seniors enrolled in the plan saved an average of $9 per month for their prescriptions, reported the Chicago Tribune.
Because Medicare beneficiaries were able to save every month, it was the same as 14 days of free medication, the study found. It was also determined that seniors with the prescription drug benefit also were much better about obtaining and taking their medications.
“We found that it had a modest but significant effect on both savings and drug use,” said Dr. G. Caleb Alexander, of the University of Chicago Medical Center. Dr. Alexander is also a co-author of the study.
More than just the reduction in out-of-pocket expenses, the study suggested that the savings for beneficiaries could save in healthcare costs.
Dr. Alexander argues that when more people are taking their medications as directed, it can cut down on visits to the doctor and to the hospital.
The success of the Medicare Part D program is a clear sign that preventive care actually can help slow our ever-rising healthcare costs.
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