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Don’t Wreck Medicare Part D

In 2003, I opposed the Medicare prescription drug bill, in large part because I expected that - like all other government entitlement programs - it would end up costing far more than initially projected. I was wrong.
The program’s structure, based on competing private plans, made Part D unlike all entitlements that had come before. Indeed, it is a model for reforming the rest of Medicare. The plans compete intensely to sign up seniors. The incentives are aligned to avoid administrative waste and keep costs down, including negotiating for the best prices on drugs. An amazing 90 percent of seniors are ...

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