Report [Waxman] critical of Medicare drug plan costs

[rodeodance]

Source: ap


http://news.yahoo.com/s/nm/20071015/hl_nm/medicare_drugs_dc_3

Report critical of Medicare drug plan costs

By Lisa Richwine Mon Oct 15, 12:37 PM ET

WASHINGTON (Reuters) -Taxpayers and Medicare patients could have saved almost $15 billion in 2007 if private health insurers had cut expenses for prescription drug coverage and negotiated bigger discounts, a report from Democratic staff of a House of Representatives panel said on Monday.

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"The cost and pricing data obtained by the committee reveal that use of private insurers to deliver Medicare drug coverage is driving up costs and producing only limited savings on drug prices," the report said.

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The report said administrative expenses, sales costs and profits of private insurers offering Medicare drug plans are almost six times higher than the administrative costs of traditional Medicare coverage, costing almost $5 billion or about $180 per beneficiary in 2007.

The insurers' profits will account for $1 billion, the report said.

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When a Republican-led Congress created the Medicare drug coverage in 2003, supporters said using private insurers would promote competition and cost savings. The benefits took effect in 2006.

Read more: http://news.yahoo.com/s/nm/20071015/hl_nm/medicare_drugs_dc_3

[rodeodance]

1. "Privatizing the delivery of the drug benefit has enriched the drug companies and insurance industry

"Privatizing the delivery of the drug benefit has enriched the drug companies and insurance industry at the expense of seniors and taxpayers," Waxman said in a statement on Monday. He released the report with 12 Democrats on his committee

[Kurovski]

2. K&R. (nt)

[aquart]

3. "Critical"? Is that short for "livid"?

[ClintonTyree]

4. My Medicare Part D premiums....

increased over 300% last year. This year I'm "lucky" to get away with a 38% increase in premiums. AND they keep dropping drugs off of their "covered" list by the hundreds.

Yep, good old Medicare Part D was sure a blessing to we retired folks. :sarcasm: After I add up my premiums, copays etc. I save a grand total of $57 dollars a year on my prescriptions opposed to if I paid everything out of pocket. Hell, I could probably save more money if I got my prescriptions filled at Wal*Mart with their "$4 prescription" offer, but I HATE WAL*MART and won't give them a DIME of my money!

Now, how much have profits increased for BIG PHARMA in that same time period? It's not too difficult to see who made out the best on that crappy piece of legislation.

And AARP can kiss my rosy-red ass. I canceled my membership after they backed Bush's boondoggle and won't ever join their stupid organization again. Sell outs! :grr:

I'm just another one of those "angry senior citizens" I guess. ;)