Part II: Costco selling Medicare plans, Rand Paul's membership bill, and the February PBM law walked into a bar. Here’s what happened when they got there.

Costco just announced Medicare Advantage plans with SCAN Health Plan targeting 5 million enrollees. The warehouse club is now a plan sponsor.

Their discount card already works at Walgreens and runs on pharmacy benefit administrator infrastructure. The anti-PBM insurgent built PBM-shaped rails.

But a discount card can’t extract drug rebates. Rebates are pu…