The biologic drugs bevacizumab and ranibizumab have revolutionized treatment of diabetic macular edema and macular degeneration, leading causes of blindness. Ophthalmologic use of these drugs has increased, now accounting for roughly one-sixth of the Medicare Part B drug budget. Ranibizumab and bevacizumab have similar efficacy and potentially minor differences in adverse event rates, but at $2,023 per dose, ranibizumab costs forty times more than bevacizumab. Using modeling methods, we predict ten-year (2010–2020) population-level costs and health benefits of using bevacizumab and ranibizumab. Our results show that if all patients were treated with the less-expensive bevacizumab instead of current usage patterns, Medicare Part B, patients, and the health care system would save $18 billion, $4.6 billion, and $29 billion, respectively. Altering patterns of use with these therapies by encouraging bevacizumab use and hastening approval of biosimilar therapies would dramatically reduce spending without substantially affecting patient outcomes.