How ‘Obamacare’ Is Saving Seniors Billions On Meds
SAHIL KAPUR MAY 1, 2012, 6:16 AM 9842 58
In the first two years after “Obamacare” was signed, Medicare reforms in the law saved seniors a total of $3.4 billion in prescription drug costs by bridging a coverage gap, according to official figures.
Over 220,000 beneficiaries have saved an average of $837 in the first three months of 2012, the Medicare agency said Monday. That’s on top of $3.2 billion in savings enjoyed by some 5.1 million seniors in 2010 and 2011 thanks to the Affordable Care Act, according to the advisory on the new figures.
The savings were wrung through a combination of discounts on Medicare prescription drugs — 50 percent on brand names, 7 percent on generics — and rebates for seniors who fell under a coverage gap known as the “doughnut hole.”
“The Affordable Care Act is helping millions on Medicare save billions of dollars on care and prescription drugs,” top Medicare official Marilyn Tavenner said in a statement. “The Affordable Care Act gives people on Medicare the relief they need from medical costs and more resources to stay healthy.”
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