10 Years, 10 Reasons Part D Works

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Medicare Part D, the acclaimed prescription drug benefit program, turns 10 next month. Reflecting over the past decade makes me realize just how much Medicare Part D has improved the lives of millions of Americans since 2003. As its 10th birthday approaches, we’re looking back aspects of the program that deserve celebrating:

  1. Creates Competition – Medicare Part D proves that a competitive marketplace can deliver value and savings to both patients and taxpayers.
  2. Help Since Implementation – Part D has helped people since the get go! When it was implemented in 2006, nearly 11 million seniors gained prescription drug coverage.
  3. Reliability – Average monthly premiums have remained low. The projected average of $31 in 2014 amounts to roughly less than half the $61 forecasted previously.
  4. Current Impact – Part D makes a big impact. Currently more than 45 million seniors and persons with disabilities receive this prescription coverage.
  5. Satisfaction – Participants like the program! In fact, an impressive 90% of seniors with Medicare prescription drug coverage feel satisfied with the plan.
  6. Every Day Effect – Part D meets a serious need. 92% of seniors with Part D coverage take prescription drugs every day.
  7. Government Savings – Part D cuts costs. According to the Congressional Budget Office, the Part D program will save Medicare $217.8 billion from 2006-2014.
  8. Personalization – It’s not a one-size-fits-all program; Part D recipients can choose the plan that best meets their needs.
  9. Collaboration – Part D represents collaboration! The U.S. biopharmaceutical industry helps the government fulfill this obligation by offering substantial discounts to support patient access to the medicines.
  10. Lasting Value – Part D, which costs less than projected and delivers real value, needs protection!

For these reasons and more, Medicare Part D has been an unprecedented source of coverage and choice for older Americans. Be sure to visit LillyPad next month as we continue to mark the 10-year anniversary of the Part D plan!