Medicarenewsgroup.com: June 14, 2012 15:45.
Six years after its launch, the most recent data available show that Medicare Part D is costing the government less than half as much as initially projected. And beyond being a lot less expensive than forecast, the program gets rave reviews from the people it was designed to help – America’s senior citizens.
The Medicare Modernization Act of 2003 established the new Part D prescription drug benefit. A year before the law was implemented (2005), the Congressional Budget Office (CBO) projected the cost of Part D at $123 billion by 2012. But actual Part D spending will be only $60 billion this year, as the chart shows. Overall program spending has remained so far below initial estimates that in March 2012, the CBO reduced its estimate of Part D spending by $107 billion. Read more