Monday, August 1, 2016

9 Essential Facts About Medicare and Prescription Drug Spending

1. Medicare accounts for a growing share of the nation’s prescription drug spending: 29% in 2014 compared to 18% in 2006


2. Prescription drugs accounted for $97 billion in Medicare spending in 2014, nearly 16% of all Medicare spending that year


3. Medicare Part D prescription drug spending is projected to grow more rapidly in the next decade than it did in the previous decade


4. Part D spending has increased in recent years, in part due to the introduction of new, costly breakthrough treatments for Hepatitis C  


5. Medicare per beneficiary spending is projected to grow more rapidly for the Part D prescription drug benefit than for other Medicare-covered services


6. Prescription drugs accounted for nearly $1 in every $5 that Medicare beneficiaries spent out-of-pocket on health care services in 2011, not including premiums


7. The expected increase in Part D spending will mean hundreds of dollars more in higher annual premiums and deductibles


8. Medicare beneficiaries are now paying less than the full cost of their drugs when they reach the coverage gap and will pay only 25% by 2020


9. Beneficiaries are subject to 5% coinsurance after their out-of-pocket costs exceed the catastrophic threshold ($4,850 in 2016)




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