Medicare Part D and the Financial Protection of the Elderly

• 成果类型: Article
• 署名作者: Engelhardt, Gary V.; Gruber, Jonathan
• 署名单位: Syracuse University; Syracuse University; Massachusetts Institute of Technology (MIT)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.3.4.77
• 发表日期: 2011
• 页码: 77-102
• 关键词: prescription drug coverage; HEALTH; IMPACT

摘要

We examine the impact of the expansion of public prescription-drug insurance coverage from Medicare Part D and find evidence of substantial crowd-out. Using the 2002-2007 waves of the Medical Expenditure Panel Survey, we estimate the extension of Part D benefits resulted in 75 percent crowd-out of both prescription-drug insurance coverage and expenditures of those 65 and older. Part D is associated with sizeable reductions in out-of-pocket spending, much of which has accrued to a small proportion of the elderly. On average, we estimate a welfare gain from Part D comparable to the dead-weight cost of program financing. (JEL H51, I18, J14)