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CONGRESSMAN SARBANES FIGHTING FOR MARYLAND’S SENIORS
- 7/28/2008
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Media Contacts: MaKeda Scott, (202) 225-4016 Washington, DC -- Today, Congressman John Sarbanes questioned private insurance companies during a full Committee hearing entitled “The Medicare Drug Benefit: Are Private Insurers Getting Good Discounts for the Taxpayer?” When the Medicare Part D prescription drug program went into effect in January 2006, it was presented as something that would give patients more coverage for outpatient prescription drugs. Instead, seniors are finding themselves trapped in the program with high prescription costs they have to pay out-of-pocket. More than 27 million enrollees now participate in Medicare Part D. “What Medicare Part D has done is create a donut hole where Medicare patients get priced out,” said Congressman Sarbanes. “At a time where gas and food costs are skyrocketing and pushing folks to the margins, the Part D donut hole has turned into a chasm for the very individuals this program is supposed to be protecting.” Medicare and the private insurers cover the prescription costs up to a certain amount then the patient has to pay out of pocket for the remaining cost. People caught in the donut hole are mainly the elderly and the working poor. Many go without needed prescriptions because the costs are so high. With today’s economic hardships lack of prescription coverage is the last thing these patients need. Findings show that drug manufactures made a profit 30 percent greater through Medicare Part D pricing than with Medicaid pricing, roughly $3.7 billion over two years just from “dual eligible” individuals forced to use Part D, $1.7 billion in 2006 and $2 billion in 2007. These costs were passed directly on to the taxpayer. If “dual eligible” individuals currently using Medicare Part D received Medicaid pricing over the next 10 years it would save taxpayers $86 billion. If “dual eligible,” low-income participants and others covered by Medicare received Medicaid rates, $156 billion would be saved over the next 10 years. |
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