Care Act saves billions
The Affordable Care Act has saved 5.2 million seniors and people with disabilities over $3.9 billion on prescription drugs since the law was enacted, the Centers for Medicare & Medicaid Services announced.
In the first half of 2012, over one million people with Medicare saved a total of $687 million on prescription drugs in the “doughnut hole” coverage gap for an average savings of $629.
The law has given seniors and people with disabilities several opportunities to save on prescription drugs. In 2010, people with Medicare who hit the doughnut hole received a one-time $250 rebate. Those 2010 rebates totaled $946 million.
In 2011, people with Medicare began receiving a 50 percent discount on covered brand name drugs and a 7 percent discount on generic drugs in the doughnut hole. Last year, these discounts totaled over $2.3 billion in savings. In the first six months of 2012, people with Medicare have saved $687 million.