Majority of Seniors Satisfied with Medicare Prescription Drug Coverage, Concerned with Disruptions on the Horizon Caused by the IRA, Survey Shows
Seniors want lawmakers to focus on stabilizing the program instead of expanding the IRA
Washington, DC – A new nationwide survey by Morning Consult, conducted annually on behalf of the Medicare Today coalition, reveals that while nearly 90 percent of seniors aged 65 and older are consistently satisfied with their Medicare Part D prescription drug coverage each year, they overwhelmingly fear their access to medicines will soon be disrupted thanks to price setting implemented by recent legislative action.
This survey demonstrates growing skepticism among seniors regarding the government dictating Medicare Part D drug prices. Seniors increasingly fear that such interventions could:
- limit their access to existing medicines (83%),
- reduce their treatment options (82%), and
- restrict the availability of new and innovative drugs (82%).
This rising skepticism is a clear sign that seniors are wary of further expansion of government control in Medicare Part D, particularly as the “negotiation” process applies government price controls to additional therapies.
Maria Ghazal, President and CEO of the Healthcare Leadership Council and chair of Medicare Today, emphasized the significance of these findings. “As the old saying goes, if it’s not broken, don’t fix it. Seniors have spoken clearly: while they are satisfied with their Medicare Part D coverage, an overwhelming majority remain very skeptical of government price-setting policies. Their growing concern should warn Congress and the administration that expanding these policies might do more harm than good,” Ghazal stated.
Seniors’ concerns about government price setting have increased since the Inflation Reduction Act (IRA) was signed into law in 2022, suggesting that the Medicare Drug Price Negotiation Program’s (MDPNP) price setting policy is not as popular as initially hoped. Nearly 80 percent of seniors would be overwhelmingly unsatisfied with their Part D coverage if they knew that government price setting could limit access to existing or future medicines.
The 2024 Senior Satisfaction Survey highlights how seniors remain highly supportive of efforts to reduce out-of-pocket costs and improve transparency within the Medicare program. However, the rising skepticism about government price setting indicates that seniors prefer maintaining the current system, which balances affordability and access to the medications they need.
This survey serves as a powerful reminder to policymakers that expanding the MDPNP’s price setting policies will undermine one of the federal government’s most successful programs.
More information on the survey results, including a fact sheet, can be found here.
The Healthcare Leadership Council is an association of CEOs and C-suite executives from all sectors of healthcare working to shape the future of the U.S. healthcare system. For 35 years, HLC has been the exclusive forum for the nation’s healthcare industry leaders to lead on major, sector-wide issues, generate innovative solutions to unleash private sector ingenuity, and advocate for policies to improve our nation’s healthcare delivery system. Follow us on LinkedIn.
