Spending On Prescription Drugs Grew Reports Medicare Insurance Association
"The latest data reports that spending on prescription drugs grew to $120 billion in the Medicare Part D program," states Jesse Slome, director of the Medicare advocacy organization. "The latest data reported by the Congressional Budget Office reflects a 62 percent increase between 2009 and 2018."
In addition, the average number of prescriptions per Medicare Part D plan increased from 48 in 2009 to 54 in 2018. "The increase is primarily associated with both new treatments as well as the increasing availability and use of generic drugs," Slome cites.
While overall national spending on prescription medications has increased, out-of-pocket spending by Medicare beneficiaries has decreased. In 1990, consumers' share of spending on prescription drugs was 57 percent. By 2009, that share had fallen to 20 percent. It continued to fall thereafter, declining to 15 percent in 2018, the latest available data gathered by the Congressional Budget Office.
"Seniors today have a multitude of Medicare drug plans that can significantly reduce any costs they'll face for needed medications,"
The American Association for Medicare Supplement Insurance (AAMSI) advocates for the importance of educated planning. AAMSI supports insurance professionals who market Medicare insurance solutions. To access information regarding the 2022 Medicare drug plan data, go to https://www.medicaresupp.org/