July 6, 2010 12:41PM

Medicare Part D May Set a Record for Crowd‐​Out

According to a new study by economists Gary V. Engelhardt and Jonathan Gruber, 80 percent of enrollment in Medicare Part D, and 80 percent of the dollars spent by Part D, merely crowd out private prescription drug coverage and spending.

Put differently, Medicare Part D extends prescription drug coverage to one senior for the price of five.