Arkansans on Medicare saved $26.2 million on
prescription drugs in 2013 thanks to health care law
Cumulative savings since 2010 total $78.3 million
The numbers are in, and they are impressive – Arkansans on Medicare saved $26,182,735 on their prescription drugs in 2013, thanks to the closing of the “donut hole” for prescriptions under the health care law.
These savings work out to an average discount per beneficiary of $737. in 2013, 35,525 Arkansans received Medicare “donut hole” discounts.
Even more impressive: in the four years since the health care law began closing the Medicare prescription drug “donut hole,” Arkansans on Medicare have saved a cumulative total of $78,279,641.
Nationally, 7.9 million people who are on Medicare have saved over $9.93 billion since 2010 on prescription drugs under the health care law and its provision closing the “donut hole,” the gap in Medicare Part D prescription drug coverage where enrollees had to pay the full cost of their prescription drugs.
In 2013 alone, 4.3 million seniors and people with disabilities saved $3.9 billion, or an average of $911 per beneficiary. The Affordable Care Act over time closes the gap in coverage where beneficiaries have to pay the full cost of their prescriptions out of pocket before catastrophic coverage for prescriptions takes effect.
The health care law provides that people with Medicare Part D who fall into the donut hole this year will receive discounts and savings of about 53 percent on the cost of brand name drugs and about 28 percent on the cost of generic drugs. These savings and Medicare coverage will increase until 2020, when the donut hole will be fully closed.
Go to AARP’s health care guide for more information about how the health care law provides tangible benefits to seniors: http://www.aarp.org/health/