U.S. expects big Medicare savings from competitive bid program

WASHINGTON (Reuters) – Medicare and its beneficiaries in 100 metropolitan areas will pay less for durable equipment beginning July 1. The new prices, set by competitive bidding, are expected to save 45 percent on average, on products including walkers, wheelchairs, oxygen equipment, hospital beds and prosthetics. Diabetic testing supplies will be available at savings of 72 percent through a separate national mail-order program. Medicare is forecast to spend $598 billion this year on benefits for 50 million elderly and disabled beneficiaries. …