Roughly 3.6 million Medicare beneficiaries saved a combined $2.1 billion on prescription drug costs in 2011 as the federal government gradually closes the Medicare Part D "doughnut hole," according to a news release from the Department of Health and Human Services.
The Patient Protection and Affordable Care Act allowed Medicare recipients to receive a 50 percent discount on brand-name drugs and a 14 percent discount on generics.
By 2020, the doughnut hole, which is the prescription drug price range that Medicare beneficiaries must pay out of pocket because they reached their drug coverage limit, will be completely closed. HHS predicted that by 2021, the average Medicare beneficiary will save nearly $4,200 on prescription drug costs.
The Patient Protection and Affordable Care Act allowed Medicare recipients to receive a 50 percent discount on brand-name drugs and a 14 percent discount on generics.
By 2020, the doughnut hole, which is the prescription drug price range that Medicare beneficiaries must pay out of pocket because they reached their drug coverage limit, will be completely closed. HHS predicted that by 2021, the average Medicare beneficiary will save nearly $4,200 on prescription drug costs.
Related Articles on Medicare and Prescription Drugs:
8 Key Provisions of Healthcare Reform Taking Effect in 2011
CMS: Medicare Beneficiaries Saved More Than $1.5B on Prescriptions This Year
CMS Data: Health Law Delivers Reduced Costs to More Seniors on Medicare