Part D prices to drop in 2008
Case Management Weekly, August 22, 2007
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The average premium paid by beneficiaries for standard Part D coverage in 2008 will be roughly $25 dollars-40% lower than originally projected when the benefit was established in 2003, according to a new press release from CMS.
CMS credits the reduction in prices to strong competitive bidding by health and prescription drug plans and to higher than expected use of generic drugs.
"Competition and smart choices have been two important factors in holding down the cost of the Medicare drug benefit," said CMS Acting Deputy Administrator Herb B. Kuhn. "Medicare drug benefit bids continue to be well below projections because of slower than expected growth in prescription drug costs generally, in part because of increased generic usage, effective plan negotiation, and strong competition."
Source: CMS
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