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40% Medicare customers buy Prescription Drug Plans

40% Medicare customers buy Prescription Drug Plans

Recently many surveys that were conducted by the Mark Farrah Associates (MFA) revealed that above 4 out of 10 Medicare customers switched to the Prescription Drug Plans. Such a drift to the PDP's has resulted in the formation of a major concern for most of the leading health insurance companies. This article reports the entire story in details along with essentials facts that were produced by the report of the MFA.

The Mark Farrah Associates submitted a new report recently in this month of March, 2009 that revealed that above than 4 out of 10 Medicare customers in the country bought a separate PDP (Prescription Drug Plan). This accounts for about 41% of the total number of Medicare recipients who required purchasing the PDP. The Medicare recipients bought the PDP's from amongst 1 out of the 77 companies contending in this session from February 1, 2009. Through these, about 17.5 million people received the premiere advantages, as the Congress launched the Prescription Drug Benefit Program with Medicare (which is now commonly termed as Medicare Part D), that took into effect since January, 2006. The Congress optimized an active spirited surrounding by empowering the public-sector to control the Prescription Drug Plans.

In between the period ranging from February 1, 2008 till February 1, 2009, about 92,560 extra people enrolled for the PDP's. The 77 companies signed up 17,502,534 enrollees from February 2009, which marks a sheer growth of 0.5% from the past year 2008. Nevertheless, this minor growth covers the turbulence in the leading plans in the year 2008.

Among the different participating companies, about 8 of them covered around 79% of the share of market, along with UnitedHealth, the corporation which headed the group. Since the past 2 years, the 2nd highest PDP insurance provider of the United States; the Humana Inc, lost above 1.3 million customers. From February 2009, WellPoint, WellCare and Universal American have also suffered a major loss in the number of its members and terrible demise in market share.

As per the report of the Mark Farrah Associates, the main competition persisted to remain amid PDP plans produced by the health insurance providers including those, who were created by the PBM's (Pharmacy Benefit Managers). The Pharmacy including the PBM-based organizations like the CVS Caremark, with its attainment of Longs Drug Store's Rx America PDP programs have enlarged the entire market share of the PDM-PDP companies from a rate of 8.4 percent during February 2008, to about 12.6 percent in February 2009.

All this has been reported by the Mark Farrah Associates, which is one of the leading companies in the field of health care insurance analyzing trade. From 1997, it is working dedicatedly to assess different health insurance systems. With the aid of high-tech analysis resources and well research market survey reports, it has been found to deliver exceptional services to its clients. Mark Farrah Associates have uploaded lots of additional information regarding this in its official website, www.markfarrah.com.


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