Friday, September 28, 2012

Medicare recipients save $4.5 billion on prescriptions

Medicare beneficiaries have saved a total of about $4.5 billion on prescription medications because of the 2010 health care law since January 2011, the Department of Health and Human Services plans to announce today.
"We're seeing consistent, steady savings for seniors thanks to the health care law," said Jon Blum, director of the Center for Medicare. "In just 21/2 half years, seniors have seen billions in savings, and those savings will continue to grow as the doughnut hole is fully closed." 
 The announcement comes two days after the Congressional Budget Office found that about 2 million more people than expected would be paying an average $1,200 penalty for not purchasing insurance as required by the law beginning in 2014. The number affected is significantly higher than the 4 million the CBO had estimated would pay a penalty in 2010, shortly after the bill passed.

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