Another report by the institute of americas future a

This preview shows page 2 - 4 out of 4 pages.

the proposal has the potential of saving at least $30 billion in a year if implemented. Another report by the Institute of America’s Future, a research branch of the CAF, referenced a families’ study that worked with the assumption that the federal government covers two- thirds of all prescription medicines spending and the population (veterans) takes care of the remaining third. Based on these approximations, the total gross prescription drug spending for Medicare beneficiaries will be at least $78 billion. Additionally, the report also highlighted the fact that $5 billion in excess administrative costs could be saved if the people were able to get their supposed benefits directly from Medicare. The program is designed in a way that it accounts for legal, ethical, and political factors. Medicare, in its nature, was created to ensure equitable access, universal access, quality, and that its intended population retained their right of choice with regards to prescription drugs. It is important to understand that Americans do not just want affordable access to healthcare, they also demand quality. As such, Medicare ensures that all payers, both private and public pay prices that reflect innovation and value. This will not be possible if the drug manufacturers are left the monopoly powers the currently have. Though the program, the government will be able to measure the value of drugs by evaluating their comparative clinical effectives and their benefits to the patients. Legally, Medicare hopes to set standards or limit price increases for already existing drugs based on medical consumer price index or healthcare inflation.
Image of page 2
Surname 3 As earlier stated, Medicare was formulated to help the older adults, young individuals, and people with End-stage renal disease get access to medical services. Also, the program hopes to limit the prices of prescription drugs thus helping the mentioned populations afford their medicines. Other than just the three groups, the general American population is less
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 4 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors