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Drug Costs Not Lower Through Part D As many of you have probably discovered, the new drug benefit offered through Medicare is not only confusing, it's not lowering drug costs. A report from the House Government Reform Committee found that drug prices offered by the Medicare drug plans are more than 80% higher than prices negotiated by the federal government for the Department of Veterans Affairs and 60% higher than prices paid by consumers in Canada. The report compared the cost of ten well-known brand name drugs through five venues: Medicare Part D, The VA, Canada, drugstore.com and Costco. The chart below shows the results. Part D is the most expensive despite promises from the administration to keep drug costs down.
A copy of the full report is available at http://www.democrats.reform.house.gov/story.asp?ID=975&Issue=Medicaid+and+Medicare. Created 1/27/06 |
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