What is wrong with Medicare Part D?
Choosing a Medicare Part D plan has been a mind-boggling task. There are an average of 15 of these plans in each state1 and as many as 67 different insurance plans in some places.2 Each plan has different premiums, deductibles, copayments, medications in their formularies, pharmacy networks, and areas of geographic coverage. Medicare also has major gaps in coverage that result in patients being underinsured. Some medications are unavailable on any plan. Many medications and pharmacies are unavailable on any given individual plan. A financial gap results in high out-of-pocket expenses for many beneficiaries.3 For example, patients whose medication costs $5,100 per year will still pay $4,020.4 It is no wonder that twice as many seniors view Medicare Part D unfavorably as view it favorably.5 Until now, the major argument against reforms in the Medicare Plan D program is that alternative proposals have focused on the government negotiating or setting the price of medications. Such price ne
