The non-partisan Congressional Budget Office released a report showing how the successful Part D program has harnessed competition and private sector innovation to save billions for taxpayers and seniors.
The report highlighted that spending in fiscal year 2013 was $50 billion less than CBO’s originally projected in that year. That is nearly HALF of what they had previously estimated.
Additionally, CBO confirmed that having more Part D sponsors leads to more competition.
This report shows that competition can, and does, work in a Medicare program. Best of all, almost 90 percent of seniors say they are satisfied with their Part D coverage.
That’s good news for seniors, Medicare and taxpayers. And more reasons to stay vigilant against attempts to inflict rules that could restrict seniors’ access to medication, limit the number and types of plans available and raise prescription drug costs.