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The average Medicare beneficiary has a choice of close to 60 Medicare plans with Part D drug coverage in 2024, including 21 Medicare standalone drug plans and 36 Medicare Advantage drug plans ...
CMS Medicare Part D data shows the government spent $15 billion in 2022 on the drug out of a total of $46.4 billion spent on drugs that year. The same year Bristol Myers Squibb earnings data ...
Joyce and his colleagues found that restrictions in Part D plans (what plans call “utilization management”) grew dramatically between 2011 and 2020 for both Traditional Medicare and private ...
Among those beneficiaries, 89.5% are 65 and over, and 50.4% signed up for Medicare Advantage and Medigap supplemental plans that included or excluded Part D prescription drug coverage.
For 2022, costs for stand-alone Part D plans in the 10 major U.S. markets ranged from a low of $6.90-per-month (Dallas and Houston) to as much as $160.20-per-month (San Francisco). A study by the American Association for Medicare Supplement Insurance reported the lowest and highest 2022 Medicare Plan D costs [19] for the top-10 markets.
The PPACA also made some changes to Medicare enrollees' benefits. By 2020, it "closed" the so-called "donut hole" between Part D plans' initial spend phase coverage limits and the catastrophic cap on out-of-pocket spending, reducing a Part D enrollee's' exposure to the cost of prescription drugs by an average of $2,000 a year. [129]
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