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Article: Employers slow to seek subsidy for Medicare Rx.(Benefits Management)
- Article from:
- Business Insurance
- Article date:
- July 12, 2004
- Author:
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MICHAEL BRADFORD
A federal government subsidy that will cut employers' prescription drug costs beginning in 2006 is drawing the interest of some large companies, but most employers are holding off on making a commitment until the rules become clearer and their potential savings can be better quantified.
And, though the subsidy is a welcome relief for some employers, sources point out that its financial impact is limited.
The Medicare Prescription Drug, Improvement and Modernization Act of 2003, signed by President Bush last December, will add a new prescription drug benefit, called Part D, to the Medicare program. The law says that ...