There will be 16% fewer Medicare part D prescription drug plans available in 2017, compared with 2016, according to an analysis by the Kaiser Family Foundation.
In 2017, there will be 746 stand-alone prescription drug plans available to Medicare beneficiaries in the 50 states and the District of Columbia, which is 140 (16%) less than were available in 2016 and 1,129 (60%) less than the peak in 2007, Kaiser reported.
Of the nearly 41 million people enrolled in Medicare part D plans in 2016, about 12 million receive the low-income subsidy. The Congressional Budget Office estimates that spending on part D benefits will be $94 billion in 2017, which is 15.6% of overall Medicare costs. Medicare actuaries have projected that the cost per enrollee will increase by 5.8% annually from 2015 to 2025, Kaiser reported.