Health Care Reform Law Saves 3.6 Million Americans $2.1 Billion
Nearly 3.6 million people with Medicare saved $2.1 billion on their prescription drug costs in 2011 due to the Affordable Care Act, according to data issued on Thursday by the Department of Health and Human Services (HHS). In addition, the savings for people with Medicare will increase over time. According to the HHS report (http://1.usa.gov/yFFyex), the average person with Medicare will save nearly $4,200 by 2021 because of the new law. The Affordable Care Act provides a 50 percent discount on brand-name prescription drugs and this year, a 14% discount on generics. In 2011, the 3.6 million Americans who hit the doughnut hole saved an average of $604 on the cost of their prescription drugs. “The data proves that the Affordable Care Act helps seniors,” said Barbara J. Easterling, President of the Alliance. “It decreases prescription drug costs, provides free preventive care, and slows the growth of Medicare premiums for physicians’ services.”
According to USA Today (http://usat.ly/wdjNyF), statistics also show that premiums for Medicare Advantage private insurance plans have dropped an average of 7%, and enrollment has grown by 10%, thanks to the 2010 health care overhaul. “This trend counters opposing predictions of dire consequences to enacting health reform, which included a drop in enrollment and a rise in premiums,” said Ruben Burks, Secretary-Treasurer of the Alliance.