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Medicare Part D Preferred Pharmacy Networks Reducing Costs, Popular with Seniors

WASHINGTON, Feb. 9, 2012 /PRNewswire-USNewswire/ -- New 2012 Medicare Part D data released by the Centers for Medicare & Medicaid Services (CMS) show the growing popularity among Medicare Part D beneficiaries in choosing plans featuring lower cost preferred pharmacy network options. Enrollment in plans with preferred pharmacy networks has grown twice as fast as conventional plans and is offered by many of the largest Part D plan sponsors. Now almost a third of all beneficiaries are enrolled in a preferred pharmacy network plan, which can have premiums as low as $15 dollars a month and $0 dollar copays.

Pharmaceutical Care Management Association (PCMA) President and CEO Mark Merritt released the following statement on the new data:

"New CMS data, which shows that beneficiaries are flocking to lower cost Part D plans with competitive pharmacy networks, is great news for Medicare, seniors, and American taxpayers.

"Recent surveys confirm that 61 percent of employers say it is a good idea to allow employers to choose lower cost plans that exclude the most expensive drugstores from their coverage network, while more than four-fifths of insured adults are unwilling to pay higher premiums to gain access to more drugstores. Consumers want America's 60,000 pharmacies to compete for their business and are willing to reward those that offer lower prices.

"This new evidence is a stumbling block for special interests fighting to stop Part D plans from offering seniors the choice of lower cost, high performance pharmacy networks."

SOURCE Pharmaceutical Care Management Association