The Centers for Medicare and Medicaid Services (CMS) issued a press release this morning with new numbers on just how much seniors and people with disabilities in Medicare have saved as a result of the Affordable Care Act (ACA).
Since the law was enacted, back in March 2010, 5.1 million Medicare enrollees who hit the donut hole have saved $3.5 billion – yes, that’s billion – on prescription drugs. In 2012 alone, over 400,000 people have saved an average of $724 on prescription drugs, totaling $301.5 million in savings.
Further, since January 1st, more than 12.1 million people in traditional Medicare have been able to get at least one preventive care visit for free. Last year, over 26 million Medicare enrollees were able to get one or more preventive care visits for free.
The ACA began phasing out the Medicare donut hole last year by offering 7% coverage for generic drugs in the donut hole and a 50% discount on brand name drugs. This year, Medicare began covering generic drugs in the donut hole at 14%. By 2020, the ACA will have fully closed the Medicare donut hole.
Not bad, eh?