CMS: Part D Costs $117 Billion Lower Than Expected
WASHINGTON, Jan. 31 /PRNewswire-USNewswire/ -- The Pharmaceutical Care Management Association (PCMA) issued the following statement on new budget figures that report the cost of the Medicare drug benefit is lower over the next ten years than was estimated last summer:
"Part D plans are saving money without sacrificing beneficiaries' choice of prescription drugs. New budget documents show that the overall projected cost of the drug benefit is $117 billion lower than earlier estimates, while a separate analysis released today from the Kaiser Family Foundation finds that overall formulary coverage has remained stable among Part D plans.
"Specifically, Kaiser found across all national Medicare prescription drug plans:
-- An average of 98 percent of generic drugs analyzed are covered in 2008; and
-- An average of 73 percent of brand name drugs analyzed are covered, with those still under patent more likely to be included on plan formularies."
PCMA is the national association representing America's pharmacy benefit managers (PBMs), which administer prescription drug plans for more than 210 million Americans with health coverage provided through Fortune 500 employers, health insurance plans, labor unions, and Medicare Part D.
SOURCE Pharmaceutical Care Management Association
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