You wouldn't know it from reading the major dailies, since they have widely failed to report it, but while Congress wrestles over partisan talking points over whether online healthcare exchanges have been successful or not since they first launched on Oct. 1, The Centers for Medicare & Medicaid Services reported Monday that health care reform efforts at the center of the political storm in Washington are producing out-of-pocket savings for Medicare beneficiaries across the nation of more than $8 billion in cumulative savings in the prescription drug coverage gap known as the "donut hole."
Big savings on drug costs
According to CMS, since the Affordable Care Act provision to close the prescription drug donut hole took effect, more than 7.1 million seniors and people with disabilities who reached the donut hole have saved $8.3 billion on their prescription drugs. In the first nine months of 2013 nearly 2.8 million people nationwide who reached the donut hole this year have saved $2.3 billion, an average of $834 per beneficiary. These figures are higher than at this point last year (2.3 million beneficiaries had saved $1.5 billion for an average of $657 per beneficiary).
CMS also reported that there will be no growth in 2014 Medicare Part B premiums and deductibles compared to last year. Bending the cost curve has been a fundamental in the design of the Affordable Care Act. Reducing the rate of growth is a long term goal, but short-term cost containment is necessary in the overall discussion about deficits and debt.
The health care law gave those who reached the donut hole in 2010 a one-time $250 check, then began phasing in discounts and coverage for brand-name and generic prescription drugs beginning in 2011, CBS said in a media release. The Affordable Care Act will provide additional savings each year until the coverage gap is closed in 2020, it said.
To continue reading this article visit: http://www.examiner.com/article/cms-reports-aca-shrinks-donut-hole-8b-2014-part-b-costs-remain-unchanged
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