Last week the White House released a new estimate of the 10-year cost of the Medicare prescription drug benefit. The bill comes to a whopping $720 billion.

The habitually rising estimates — which started off at $400 billion and then $530 billion — force us to examine just what the bill does and if the prescription drug benefit is worth its eye-popping price tag.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 sets up a prescription drug benefit for senior citizens. The benefit starts next year when private firms will be able to offer senior citizens an annual prescription plan that is subsidized by the government.

The benefit will cost $420 in premiums and up to $250 in deductibles. In turn, insurance will cover 75 percent of prescription drug costs up to $2,250. Between $2,250 and $3,600 there will be a gap, or a "donut hole," where no coverage is provided.

Then for costs over $3,600, insurance will cover 95 percent of prescription drug costs. Low-income seniors will be given lowered premiums and deductibles as well as coverage through the donut hole, higher-income seniors will see reduced benefits.

In essence, the American public will pay about $720 billion over the next 10 years to let seniors run an obstacle course through Medicare and private insurance providers to receive an incomplete benefit. We don't think it's much of a stretch to say that the Medicare prescription drug benefit just plain stinks.

At the very least, there needs to be significant action taken to curb the costs of this benefit. Stricter means-testing for well-off seniors to check their eligiblity, reduced benefits or increased premiums and deductibles are all potential ways to take a bite out the public's pocket.

However, a very real possibility that needs to be examined is repealing the current benefit. If we as college students feel selfish enough, we could fight to have that money put into the deficit, Pell Grants and student loan subsidies and make the world a much better place for us when we graduate.

However, a more reasonable compromise would be to provide seniors with a more modest benefit, means-test it and perhaps even let the government bargain with drug companies for cheaper prices. This would allow the public to live up to a new social obligation — helping seniors deal with skyrocketing prescription drug costs — while at the same time not footing an exorbitant bill on our generation.

Resolving this issue quickly is of the utmost importance. If the United States wishes to reduce the deficit, provide Social Security savings accounts and keep paying for the war in Iraq, we absolutely must take care of the $720 billion gorilla in the room.

This editorial appeared in The Marquette Tribune on Feb. 17 2005.