Abstract

http://ssrn.com/abstract=1636134
 
 

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Medicare Part D and the Financial Protection of the Elderly


Gary V. Engelhardt


Syracuse University - Center for Policy Research; Dartmouth College - Department of Economics; National Bureau of Economic Research (NBER)

Jonathan Gruber


Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER)

July 2010

NBER Working Paper No. w16155

Abstract:     
We examine the impact of the expansion of public prescription drug insurance coverage from Medicare Part D on the elderly and find evidence of substantial crowd-out. Using detailed data from the 2002-7 waves of the Medical Expenditure Panel Survey (MEPS), we estimate that the extension of Part D benefits resulted in 80% crowd-out of both prescription drug insurance coverage and prescription drug expenditures of those 65 and older. Part D is associated with only modest reductions in out-of-pocket spending. This suggests that the welfare gain from protecting the elderly from out-of-pocket spending risk through Part D has been small.

Number of Pages in PDF File: 48

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Date posted: July 12, 2010  

Suggested Citation

Engelhardt, Gary V. and Gruber, Jonathan, Medicare Part D and the Financial Protection of the Elderly (July 2010). NBER Working Paper No. w16155. Available at SSRN: http://ssrn.com/abstract=1636134

Contact Information

Gary V. Engelhardt (Contact Author)
Syracuse University - Center for Policy Research ( email )
426 Eggers Hall
Syracuse, NY 13244
United States
315-443-4598 (Phone)
315-443-1081 (Fax)
Dartmouth College - Department of Economics ( email )
Hanover, NH 03755
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Jonathan Gruber
Massachusetts Institute of Technology (MIT) - Department of Economics ( email )
50 Memorial Drive
Room E52-355
Cambridge, MA 02142
United States
617-253-8892 (Phone)
617-253-1330 (Fax)
HOME PAGE: http://web.mit.edu/gruberj/www/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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