Posts Tagged ‘Preventive

24
Feb
15

Medicare Saves $15B On Prescription Drug Costs. Thanks, ObamaCare

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Sarah Ferris: Medicare Drug Costs Shrinking Under ObamaCare

ObamaCare has led to substantial savings in prescription drug costs and a strong increase in the use of preventive services, administration officials announced Tuesday. “Our parents and grandparents on Medicare saved more than $15 billion on prescription drugs since President Obama signed the Affordable Care Act in 2010,” Health and Human Services (HHS) Secretary Sylvia Mathews Burwell said. Those savings amount to nearly $1,600 per person enrolled in Medicare — an increase from about $1,400 in average savings last year. Tackling prescription drug costs has been a major goal of the Obama administration, pledging to close the coverage gap, known as the “doughnut hole,” by 2020. Because

Medicare drug plans have a limit on how much they pay for medication, beneficiaries are forced to pay for their treatments out of pocket before their catastrophic coverage kicks in. Under ObamaCare, recipients in the “doughnut hole” receive a rebate or discount from the government to help them save on prescription drug costs until the gap can ultimately be closed. Burwell also highlighted the growing use of preventive healthcare coverage under ObamaCare — another top issue for the administration. Many provider groups only signed onto healthcare reform with the promise that preventive care would be a central tenet. Nearly 40 million people have used at least one of Medicare’s free preventive services in the last year alone, the secretary said. Nearly 5 million enrollees received the annual wellness exam.

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