Posted by Michael Wonder on 23 May 2018
Doughnuts and discounts — Changes to Medicare Part D under the Bipartisan Budget Act of 2018
24 May 2018 - The Medicare Prescription Drug Improvement and Modernization Act of 2003 created a new Medicare benefit (Part D), a new insurance product (prescription-drug–only plans), and a new market.
Fifteen years later, Part D is widely regarded as a success, providing drug coverage to 42.5 million Medicare beneficiaries and substantially reducing out-of-pocket drug expenditures among enrollees.
Many of the statutory and regulatory provisions governing Part D have remained unchanged since its inception, including its reliance on private plans to negotiate drug prices with manufacturers instead of allowing direct negotiation by the government.
