New Report: A Decade of Success: How Competition Drives Savings in Medicare Part D
New York, NY: This month marks the ten-year anniversary of the prescription drug program known as Medicare Part D. Despite its rocky rollout, Part D is a rare entitlement success story. Unlike other entitlement programs that suffer from ballooning costs, Part D’s expenditures have reached less than 60 percent of initial government estimates.
Why has Medicare Part D been so successful? Authors Paul Howard and Yevgeniy Feyman find that the public-private partnership between Medicare and insurers contributes significantly to Part D’s cost savings. As they argue in an op-ed on The Hill’s Congress Blog, Medicare Part D’s success provides a valuable lesson for reforming other entitlement programs.
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