REMEMBER MEDICARE PART D?

UPDATE: Current (7/14/2011) link to the report.

It was supposed to be less expensive because it was privatized? Well, not so much...

Private Medicare Drug Plans: Seniors and Taxpayers Hurt by High Expenses, Low Rebates
High Administrative Costs, Sales Expenses, and Profits
Monday, October 15, 2007

The administrative costs, sales expenses, and profits of the private Part D insurers result in significant costs to taxpayers and Medicare beneficiaries.

These administrative costs, sales expenses, and profits account for 9.8% of the total costs of Medicare Part D.

These administrative expenses, sales costs, and profits are well above the administrative expenses for other parts of the Medicare program. Traditional Medicare administrative expenses under Part A (hospital care) and Part B (outpatient care) account for 1.7% of total Part D costs. The administrative expenses, sales costs, and profits of the privatized Medicare Part D program are almost six times higher than administrative expenses of the traditional Medicare program.