ACA saves seniors $35M on prescriptions

PROVIDENCE – On the eve of the 49th anniversary of the signing of Medicare and Medicaid into law, new information released recently by the federal Department of Health and Human Services shows that Rhode Islanders with Medicare have saved $35,237,763 on prescription drugs as a result of the Affordable Care Act. Nationally, more than 8.2 million seniors and people with disabilities with Medicare continue to enjoy prescription-drug savings as a result of the Affordable Care Act, saving $11.5 billion since 2010.
This news comes on the heels of continued historic low levels of growth in Medicare spending. According to the recent Medicare Trustees report, the life of the Trust Fund has been extended to 2030, up from its projection of 2017 in 2009, and Part B premiums are expected to stay the same rather than increase for the second year in a row.
The Affordable Care Act makes Medicare prescription drug coverage more affordable by gradually closing the gap in coverage where beneficiaries had to pay the full cost of their prescriptions out of pocket, before catastrophic coverage took effect. This gap is known as the donut hole. •

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