Health Care Law Saves Medicare Beneficiaries Billions on Drug Costs
Health Care Law Saves Medicare Beneficiaries Billions on Drug Costs Medicare Resource Center
Photo by H. Armstrong Roberts/ClassicStock/Corbis The Affordable Care Act has helped Medicare beneficiaries pay for costly prescription drugs. New data from CMS shows that more than 5.2 million older Americans and people with disabilities have benefited from the savings since the law went into effect March 23, 2010. More than 1 million people in the have saved an average of $629 this year alone. The is helping seniors who are fighting to keep up with skyrocketing health care costs, says AARP Executive Vice President Nancy LeaMond. "These real savings for older Americans struggling with the ever-rising costs of prescription drugs are evidence that the Affordable Care Act is already improving the lives of millions of Americans," she says. The saving opportunities have been rolled out in phases: In 2010, individuals who hit the doughnut hole received a one-time $250 rebate.
In 2011, they began receiving a 50 percent discount on covered brand-name drugs and 7 percent coverage of generic drugs in the doughnut hole.
In 2012, coverage for generic drugs in the gap doubled to 14 percent.
In 2020, the doughnut hole will be closed.
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Health Care Law Saves $3 9 Billion on Drug Costs
Medicare recipients in doughnut hole have benefited
The has been a boon to Medicare beneficiaries, saving them more than $3.9 billion on , according to the Centers for Medicare & Medicaid Services (CMS).Photo by H. Armstrong Roberts/ClassicStock/Corbis The Affordable Care Act has helped Medicare beneficiaries pay for costly prescription drugs. New data from CMS shows that more than 5.2 million older Americans and people with disabilities have benefited from the savings since the law went into effect March 23, 2010. More than 1 million people in the have saved an average of $629 this year alone. The is helping seniors who are fighting to keep up with skyrocketing health care costs, says AARP Executive Vice President Nancy LeaMond. "These real savings for older Americans struggling with the ever-rising costs of prescription drugs are evidence that the Affordable Care Act is already improving the lives of millions of Americans," she says. The saving opportunities have been rolled out in phases: In 2010, individuals who hit the doughnut hole received a one-time $250 rebate.
In 2011, they began receiving a 50 percent discount on covered brand-name drugs and 7 percent coverage of generic drugs in the doughnut hole.
In 2012, coverage for generic drugs in the gap doubled to 14 percent.
In 2020, the doughnut hole will be closed.
Also of interest:
Related
— Receive access to exclusive information, benefits and discounts. Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures