Medicare Monday: Resources for understanding Medicare Part B and D

Earlier this summer, PhRMA released its new chart pack on biopharmaceuticals in government programs. It serves as a great resource for key facts and figures about major government programs, including prescription drug coverage in Medicare Parts B and Part D.

Medicare insures many of the nation’s retirees and people living with disabilities. Coverage of medicines for Medicare beneficiaries occurs primarily though Part D and Part B. Payments for medicines in Medicare Part D are negotiated by competing private health plans. Payments for medicines under Part B, which are generally injected or infused by a physician, are based on the average of prices negotiated by doctors and other purchasers. We’ve already covered some of the resources in our posts on generic utilization and Part B settings.

Check out the full chart pack here: http://www.phrma.org/gov-chartpack-2015

Below are a few of the resources included in the chart pack:

Medicare Covers Two Benefits
Medicare’s retail pharmacy benefit is called Part D, and Medicare’s medical benefit is called Part B.

Part D Implementation Improved Enrollees’ Access to Medicine and Reduced Out-of-Pocket Costs
Peer reviewed and academic literature confirms Medicare Part D substantially reduced out-of-pocket costs and increased access to medicines for seniors.

Part D Implementation Tied to Reductions in Hospital Admissions
Researchers found that gaining Medicare Part D prescription drug coverage was tied to an 8 percent decrease in hospital admissions for seniors overall, with higher reductions for certain conditions.

Part B Medicines Represent Significant Medical Advances

To learn more about the Medicare program, take a look at our continuing Medicare Monday series and share your thoughts on social media using the hashtag #MedicareMonday. Have questions about what Medicare covers? Visit Medicare.gov.