Good news everyone! There’s a new report that shows lots of people saving good cash on prescription drugs because of the Affordable Care Act. The Health and Human Services department reports that seniors have saved around $5.7 billion since January of 2011. This is largely due to the closing of the doughnut hole. While everyone who qualifies saves money, it really benefited those with chronic conditions. HHS has projected that savings per Medicare beneficiary will be about $5,000 through the next 10 years, with those dealing with chronic conditions saving as much as three times more.
In 2012, over 3.5 million seniors who fell in the Medicare Part D “doughnut hole” were given discounts on medication. The Affordable Care Act aims at shrinking and closing the doughnut hole, making it easier for those that fall inside that coverage gap. This closure will happen over the next 10 years, with 2020 seeing savings of 75% of brand named and generic drugs. The report can be read in full here.
It’s always the blind corners that end up costing the most, and the closure of the “doughnut hole” means we’re plugging a drain on the wallets of those who need it the most.
Photo: BC Gov Photos on Flickr.