People with Medicare save $5 billion on prescription drugs because of health care law
Additional value possible with plan options during Open Enrollment
As
the final week of Medicare Open Enrollment approaches, Health and Human
Services Secretary Kathleen Sebelius announced today that savings on
prescription drugs made possible by the Affordable Care Act reached $5.1
billion. More than 5.8 million people with Medicare have benefited from
the assistance the health care law provides with the Medicare
prescription drug coverage gap known as the donut hole. In the first 10
months of 2012 alone, almost 2.8 million individuals have saved an
average of $677 on prescription drugs. During the same period, about
23.4 million people with original Medicare received one or more
preventive services at no cost to them, with 2.5 million having received
an Annual Wellness Visit.
“The
health care law is saving money for people with Medicare,” Secretary
Sebelius said. “Everyone with Medicare should look at their health and
drug plan options for additional value before the Medicare open
enrollment period ends this week.”
For
2013 the health care law provides people with Medicare in the donut
hole with greater savings, as discounts rise to 53 percent of the cost
of brand name drugs and 21 percent of the cost of generic drugs. Savings
on Medicare coverage of prescription drugs will gradually increase
until 2020, when the donut hole will be closed.
Because
of the health care law, people with Medicare can be healthier with free
access (no deductible or co-pay) to many preventive services. Before
2011, people with Medicare had to pay part of the cost for many
preventive services. Cost is no longer a barrier for seniors who want to
stay healthy and treat problems early. In 2011, an estimated 32.5
million people with original Medicare or Medicare Advantage received one
or more free preventive benefits.
Open Enrollment Period Ends Dec. 7
During
Medicare’s annual open enrollment period, people with Medicare should
compare costs, benefits and quality of Medicare health and drug plans to
find the best value for 2013. People with Medicare should regularly
examine their health care choices because individuals’ unique health
needs as well as their health or prescription drug plan can change from
year to year. Those who make their coverage elections by Dec. 7, 2012,
will ensure new coverage can begin without interruption on Jan. 1, 2013.
The
Centers for Medicare & Medicaid Services (CMS) encourages people
with Medicare to enroll in high quality plans and get the most value for
their premiums. Medicare health and prescription drug plans with 5 star
ratings may continuously market and enroll beneficiaries throughout
2013. Medicare beneficiaries in consistently low performing plans (those
receiving less than 3 star ratings for at least the past three years)
have been notified about their plan’s poor performance and how they can
switch to a higher quality plan.
Additionally,
earlier this month, CMS announced that individuals with Medicare who
are affected by Hurricane Sandy and unable to make a plan selection by
Dec. 7, 2012, can still enroll in health and prescription drug coverage
for 2013 by calling 1-800-MEDICARE anytime, 24 hours a day, seven days a
week.
People
who are satisfied that their current coverage under original Medicare
or a Medicare health or drug plan meets their needs for next year, do
not need to take any action to continue their current coverage.
Resources
For state-by-state information on savings in the donut hole, please visit: http://downloads.cms.gov/ files/Donut Hole Savings Summary - October 2012.pdf
Learn more about Medicare Drug Discounts: http://www.healthcare.gov/law/ features/65-older/drug- discounts/index.html
For state-by-state information on utilization of free preventive services for people with original Medicare, please visit: http://downloads.cms.gov/ files/Preventive Services Utilization by State - October 2012.pdf
Learn more about Medicare Preventive Services: http://www.healthcare.gov/law/ features/65-older/medicare- preventive-services/index.html
For more information about Medicare Open Enrollment, please visit http://www.cms.gov/Center/ Special-Topic/Open-Enrollment- Center.html?redirect=/center/ openenrollment.asp
For details about Medicare Plan Quality Ratings, please visit http://www.cms.gov/Medicare/ Prescription-Drug-Coverage/ PrescriptionDrugCovGenIn/ PerformanceData.html
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