Rhode Islanders saved $14.4M in drug costs through ACA in 2015

PROVIDENCE – The Affordable Care Act has provided more than $60 million in savings to Rhode Islanders since it was enacted, U.S. Rep. David N. Cicilline said Wednesday.
“There’s no question – the Affordable Care Act works for Rhode Island,” Cicilline said in a statement. “Last year alone, Rhode Island beneficiaries saved more than $14 million off the cost of their prescription drugs. These benefits remind us how critical it is to ensure the Affordable Care Act stays in place long after President [Barack] Obama leaves office.”
According to a news release from Ciciline, each year, the act reduces the size of the “Medicare donut hole,” the gap that requires Medicare beneficiaries to pay prescription drug costs themselves until catastrophic coverage kicks in.
Data released this week from the Centers for Medicare and Medicaid Services said 15,785 Rhode Islanders in the doughnut hole received $14,392,653 in discounts and savings in 2015, an average of $912 saved per beneficiary. The average savings amount for Rhode Island is slightly less than the national average for savings.

Nationwide last year, nearly 5.2 million seniors and people with disabilities received discounts of more than $5.4 billion, for an average of $1,054 per beneficiary. That is an increase in savings compared with 2014, when 5.1 million Medicare beneficiaries received discounts of $4.8 billion, for an average of $941 per beneficiary.

This year, Medicare Part D beneficiaries who reach the donut hole will receive savings and discounts of 55 percent off the cost of brand name drugs and 42 percent off the cost of generics. The donut hole will close completely in 2020.

In addition to significant cost savings, Rhode Islanders on Medicare also took advantage of other benefits provided through the Affordable Care Act, Cicilline said, as 147,550 Rhode Islanders on Medicare received at least one preventive service with no copay or deductible. In addition, 58,499 Rhode Islanders on Medicare took advantage of a free annual wellness visit, the release said.

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