Tuesday, October 16, 2007

Report criticizes of Medicare drug plan costs

By Lisa Richwine

Reuters

WASHINGTON

U.S. taxpayers and Medicare patients could have saved almost $15 billion in 2007 if private health insurers had cut expenses for prescription drug coverage and negotiated bigger discounts, a report from Democratic staff of a House of Representatives panel said on Monday.

The Medicare prescription drug benefits offered by private insurers operate with "high administrative costs, sales expenses and profits," the report said.

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