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The Demand for Medicare Part D Prescription Drug Coverage

The Demand for Medicare Part D Prescription Drug Coverage

Evidence from Four Waves of the Retirement Perspectives Survey

Chapter:
(p.159) 5 The Demand for Medicare Part D Prescription Drug Coverage
Source:
Explorations in the Economics of Aging
Author(s):
Florian Heiss, Daniel McFadden, Joachim Winter
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226903385.003.0006

This chapter focuses on the new Medicare Part D prescription drug program. Participation in Medicare Part D requires individuals to make active enrollment and plan choice decisions. Active decisions are made initially when first enrolling in the program, and can be revisited periodically during the program's annual open enrollment periods. Whether consumers make wise choices at these decision points is of interest not only for the evaluation of this particular market, but for consumer-directed health care more generally. The chapter explores how people decided among the prescription drug plan options made available through Medicare Part D, based on their prior drug use, self-rated health, and other factors.

Keywords:   Medicare, universal coverage, Medicare Part D, health maintenance organizations, Retirement Perspectives Survey, prescription drug, retirement

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