New study shows average lifetime benefits are more than one third of 401(k)/IRA balances
In a new study, my colleagues and I tried to figure out how valuable the Medicare Part D program was to individuals — basically whether they should consider it a big deal or a little deal as they plan for retirement.
Medicare Part D subsidizes prescription drug coverage in three ways. First, it reduces the price that individuals have to pay for a Part D insurance plan by paying insurance companies a lump sum per enrollee that covers about three-quarters of premiums. Second, it allows low-income enrollees to obtain Part D plans for a much reduced monthly premium with lower cost-sharing. Third, Medicare pays 80% of drug costs over a certain threshold .
This exercise is done for each year from 2006-2018 and extrapolated from 2019-2073 in order to project net subsidies per capita out to age 120. These values are then discounted back to age 65, and the discounted net annual subsidies are summed.
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