One of the primary concerns of Medicare beneficiaries is controlling the amount of money spent on their healthcare costs – both anticipated as well as surprise costs. This holds true with prescription costs since prescription drug coverage can be a large portion of one’s health needs. Despite rising costs across the board, nearly 12 million Medicare beneficiaries saved over $26 billion since 2010 on prescriptions as a result of the Affordable Care Act.
Beneficiaries have accumulated an average of $2,272 in savings since the enactment of the Affordable Care Act (ACA). The ACA’s plan to close the Part D coverage gap (also known as the Donut Hole) has already benefitted millions. The donut hole’s eventual closing will result in much more predictable costs throughout the year, especially for those who take a variety of prescriptions. For state-by-state breakdowns of discounts and savings per beneficiary, view this CMS research.
Outside of prescription benefits, the ACA offers more preventative services at no additional cost to beneficiaries. We highly recommend every Medicare recipient to take advantage of their free annual wellness visit regardless of current health. Preventative measures taken during the wellness visit include cancer screenings and other ways to detect risks and problems early. More than 10.3 million Medicare beneficiaries utilized a fully-covered Annual Wellness Visit in 2016.
The objective of these ACA provisions is to make our existing health care system more affordable while encouraging doctors to focus on the quality, rather than quantity, of care given to patients. Medicare beneficiaries should feel in control of their own healthcare, proactively take preventative measures, and save money progressively as time goes on. For more extensive information about the ACA, visit this healthcare.gov article.
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