The Patient and Affordable Care Act is resulting in major savings for Medicare patients, the Department of Health and Human Services said Friday. The average person with traditional Medicare will save $5,000 between 2010 and 2022, an HHS report said. And people on Medicare who rely on expensive prescription drugs could save $18,000 or more because of health reform.
“I’m pleased the health care law is helping so many seniors save money on their prescription drug costs,” HHS Secretary Kathleen Sebelius said in a statement. “A $5,000 savings will go a long way for many beneficiaries on fixed incomes and tight budgets.” Sebelius also highlighted other senior benefits because of the law. More than 5.5 million seniors and people with disabilities saved nearly $4.5 billion on prescription drugs since the law was enacted. Seniors in the Medicare prescription drug coverage gap known as the donut hole have saved an average of $641 in the first eight months of 2012 alone. For the full article click here.