Making Prescription Drugs Affordable
In the past, as many as one in four seniors went without a prescription every year because they couldn’t afford it. To help these seniors, the law provides relief for people in the donut hole – the ones with the highest prescription drug costs. In 2010 and 2011, over 5.1 million seniors and people with disabilities on Medicare saved over $3.1 billion on prescription drugs thanks to the Affordable Care Act. These savings include a one-time $250 rebate check to seniors who fell into the prescription drug coverage gap known as the “donut hole” in 2010, and a 50 percent discount on brand-name drugs worth a total of $2.1 billion, or an average of $604 per person. Through the first two months of 2012, 70,000 seniors and people with disabilities have already received $65 million in savings in the donut hole. Seniors will see additional savings on covered brand-name and generic drugs while in the coverage gap until the gap is closed in 2020.