Q: What is Medicare Part D?

A: Medicare Part D is the portion of Medicare that handles prescription drug benefits. In 2003, Congress took an important step in caring for our nation's seniors by creating the first-ever Medicare prescription drug benefit. When the Medicare program itself was established in 1965, the practice of medicine focused on putting people in hospitals. Today, prescription drugs play a major role, and the benefits of the Medicare program had not kept up. Six years ago, I was the sponsor of the Senate Bill that established the prescription drug program and shepherded the legislation through Congress as Chairman of the Senate Finance Committee. Today, as Ranking Member of the Senate Finance Committee, I keep a watchful eye on this important program to make sure it's providing Medicare beneficiaries with meaningful prescription drug coverage.

Q: Why has Medicare Part D been successful?

A: Medicare Part D has high satisfaction rates in large part due to the variety of plans for Medicare beneficiaries to choose from and its affordability. Currently, Iowa seniors can pick from close to 50 different prescription drug plans and find the one that meets their own individual needs. Competition between plans has lowered costs for both beneficiaries and the federal government. Today, Medicare Part D premiums are 36 percent less than originally estimated by expert forecasters, and the overall cost of the program is almost $240 billion less than was expected. All this means taxpayers are saving money and seniors are saving an average of $1,100 a year on prescription drug costs by enrolling in this successful program.

Q: Do you see any changes on the horizon for Medicare Part D?

A: I will continue to monitor Medicare Part D for any changes that should be made, but it's currently serving the purpose for which it was created: providing seniors with a wide variety of prescription drug plans at a good value. The saying goes if it's not broke, don't fix it. To date, it's clear the marketplace focused approach of Medicare Part D is working to give seniors affordable options for prescription drug coverage and access to medicines that are life enhancing and life saving.