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Government claims health reform savings of $3,500 for Medicare beneficiaries Posted: November 8th, 2010

By Maryalene LaPonsie

An analysis completed by the Office of the Assistant Secretary for Planning and Evaluation in the Department of Health and Human Services says Medicare beneficiaries stand to save thousands because of health reform. Provisions of the Affordable Care Act are expected to save original Medicare recipients an average of $3,500 during the next 10 years. Those with high prescription drug costs could save $12,300 during the same period.

The report looks at the costs associated with original Medicare. The 10 year savings are associated with reforms that:

  • Slow the growth of cost-sharing
  • Close the Medicare Part D prescription drug coverage 'donut hole'
  • Provide free preventive services
  • Send Medicare recipients a $250 rebate check

Original Medicare recipients can expect to see savings of $86 in 2011. That amount could climb to $649 in 2020. Individuals with high prescription drug costs may see greater savings, starting at $553 in 2011 and increasing to $2,217 in 2020.

The Affordable Care Act was enacted in March 2010 and will be phased in during the next 10 years. In 2011, Medicare beneficiaries in the 'donut hole' will receive a 50 percent discount on covered brand name prescription drugs. In addition, recommended preventive services and wellness programs will be available free of charge.