Sinking, Swimming, or Learning to Swim in Medicare Part D
Eugenio Miravete (),
Claudio Lucarelli and
M Christopher Roebuck
No 8585, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Under Medicare Part D, senior citizens choose prescription drug insurance off red by numerous private insurers. We examine non-poor enrollees' actions in 2006 and 2007 using panel data. Our sample reduced overspending by $298 on average, with gains by 81% of them. The greatest improvements were by those who overspent most in 2006 and by those who switched plans. Decisions to switch depended on individuals' overspending in 2006 and on individual-specific effects of changes in their current plans. The oldest consumers and those initiating medications for Alzheimer's disease improved by more than average, suggesting that real-world institutions help overcome cognitive limitations.
Keywords: Insurance plan switching; Overspending; Prescription drugs (search for similar items in EconPapers)
JEL-codes: D01 D8 H51 I10 I11 I18 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hea, nep-ias and nep-lab
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Journal Article: Sinking, Swimming, or Learning to Swim in Medicare Part D (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:8585
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