So far this year, more than 2.2 million people with Medicare have saved more than $1.2 billion on their prescriptions, for an average of $550 per person, the Centers for Medicare & Medicaid Services announced Friday.
Additionally, more than 22.6 million seniors and people with disabilities have taken advantage of at least one free Medicare preventive benefit, including the new Annual Wellness Visit now covered by the Affordable Care Act.
"Thanks to the Affordable Care Act, seniors are getting cheaper prescription drugs and free preventive care," said CMS Administrator Donald M. Berwick, MD in a statement.
Under the Affordable Care Act, people with Medicare can receive many preventive services at no charge, including diabetes screening, some cancer screenings and smoking cessation services.
People with Medicare across the country are also receiving cheaper prescription drugs. Seniors and people with disabilities receive a 50 percent discount on covered brand name drugs in the Medicare Part D coverage gap, also known as the "donut hole." The coverage gap discount is set at 50 percent on covered brand name drugs again in 2012. Coverage in the donut hole will progressively increase each year until the coverage gap closes in 2020.
In addition to donut hole discounts, average premiums for Medicare Part D prescription drug plans will remain virtually unchanged in 2012. Medicare also recently announced that average Medicare Advantage premiums will drop 4 percent next year. Part B premiums, which cover outpatient services including doctor visits, will only rise by $3.50 per month for most beneficiaries in 2012, and some will see a decrease. These changes will be offset by the average Social Security cost of living increase ($43 per month for retired workers).