Navigation Links
Seniors Choose Medicare Prescription Plans Wisely: Study
Date:11/8/2011

TUESDAY, Nov. 8 (HealthDay News) -- Despite concerns that the complex offerings under Medicare Part D prescription drug plans would confuse older Americans, a new study finds seniors are able to figure out which plan costs them the least.

The researchers found evidence that seniors -- possibly with the help of family members -- quickly adapted and made changes as necessary.

The findings may ease concerns among some experts about elderly people's ability to understand complicated drug insurance products and select the least expensive, according to the University of Texas at Austin researchers.

They analyzed data from more than 71,000 people who were enrolled in stand-alone prescription drug plans provided or administered by CVS Caremark in 2006 and 2007 and who did not receive a federal low-income subsidy in either year.

From 2006 to 2007, 81 percent of the people in the study lowered their "overspending" by an average of $298 -- 55 percent of the 2006 level.

The oldest people and those beginning to take Alzheimer's medications had higher-than-average reductions in overspending, suggesting that family members and others help them choose plans, the researchers said.

"Having a multitude of options to choose from is economically efficient because we are all different and have different needs," Eugenio Miravete, an associate professor of economics, said in a university news release.

Medicare Part D plans can have different premiums, co-pays and formularies (a list of covered drugs), according to the American Academy of Family Physicians.

"Restricting choices reduces the ability of firms to target individuals with specific needs, and it is not efficient that we all insure against unlikely risks. Medicare Part D is a successful implementation of a market-based approach to deliver a large-scale entitlement program."

The drug plans are popular with beneficiaries, according to the researchers.

The study will be published in the journal American Economic Review.

More information

The American Academy of Family Physicians has more about Medicare Part D.

-- Robert Preidt

SOURCE: University of Texas at Austin, news release, Nov. 1, 2011


'/>"/>
Copyright©2010 ScoutNews,LLC.
All rights reserved

Related medicine news :

1. Caring Rose Home Care Launched To Help Seniors Live Independently
2. Elevators Can Bring Injury to Seniors
3. Kidneys From Older Donors Suitable for Seniors
4. When Seniors Tutor Kids, They Sharpen Their Own Minds As Well
5. RetireSafe Survey Says Seniors Are Struggling With Increased Costs Without an Increased Social Security Cost of Living Adjustment
6. Hospital Stays May Spur Brain Decline in Seniors
7. Senate Inaction On Medicare Hurts Seniors, Military and Boomers
8. National Study Reports Staggering Spending Increases Among Seniors With Chronic Conditions Through Original Medicare - Special Needs Plan Program Offers Solution For Those In Texas
9. President Obama Gets Virtual Colonoscopy (CT Colonography) But Medicare Denies CTC Coverage to Seniors
10. MainStreet MD Launches Personal Safety Solutions for Children and Seniors Built On SensorLogic's Cloud Computing Platform
11. SarahCare(R) and Posit Science Corporation(R) Join Forces to Bring Brain Fitness to Seniors at SarahCare(R) of Minnesota
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... ... April 28, 2016 , ... Metabolic Nutrition ... at this week’s 2016 Europa Games Get Fit and Sports Expo in ... the Europa Orlando Expo coming up April 29-30, was selected as the perfect event ...
(Date:4/28/2016)... D.C. (PRWEB) , ... April 28, 2016 , ... The ... and Prevention (CDC) has established an ICD-10-CM code for sarcopenia, giving it recognition for ... the medical community effective October 1, 2016. , Sarcopenia is defined as a combination ...
(Date:4/28/2016)... (PRWEB) , ... April 28, ... ... an invitation to those affected by a health insurance co-operative bankruptcy to ... proprietary process, individuals can receive over 1,500 FDA-approved prescription medications from over ...
(Date:4/28/2016)... ... April 28, 2016 , ... Today ... the Protocol Calendar Exchange , is officially open to all sponsors in ... available for sites to download into their clinical trial management system (CTMS), which ...
(Date:4/28/2016)... , ... April 28, 2016 , ... ... Chief Medical Officer at the Steadman Philippon Research Institute in Vail, Colorado, ... to raise awareness about the debilitating and costly musculoskeletal disorders that are ...
Breaking Medicine News(10 mins):
(Date:4/28/2016)... April 28, 2016   Click here for ... Inc. (NYSE: DPLO), the nation,s largest independent specialty ... definitive agreement to acquire Valley Campus Pharmacy, Inc., ... a leading specialty pharmacy that provides individualized patient ... . In 2015, TNH generated approximately $400 ...
(Date:4/28/2016)... NEW YORK , April 28, 2016 /PRNewswire/ ... will notably complement the company,s valve repair and ... the move also places Abbott more firmly into ... one of the fastest growing device areas, with ... to its recent report,  Advanced Remote Patient ...
(Date:4/28/2016)... Research and Markets has announced the addition ... report to their offering.      (Logo: ... plastic surgery products market is expected to grow at ... ,The growing adoption of laser in aesthetics is another ... Lasers are used to treat a broad range of ...
Breaking Medicine Technology: