Health Reform Saving RI Millions
Wednesday, December 07, 2011
The Affordable Care Act saved Rhode Islanders $5.5 million on prescription drugs this year – an average of $522 per person – announced U.S. Senator Jack Reed (D-RI) today. According to federal statistics released by the Centers for Medicare & Medicaid Services (CMS), 2.65 million Medicare recipients – including 10,600 from Rhode Island – saved over $1.5 billion under the 2010 health insurance reform law.
Comprehensive and affordable benefits
“We need to put patients and consumers back in the driver’s seat and firmly in charge of their health care, rather than pharmaceutical companies or insurance executives,” said Senator Reed, who voted for the bill last year. “This new law is helping to ensure Medicare benefits remain comprehensive and affordable and Rhode Islanders are already seeing real savings as a result.”
The Affordable Care Act includes a 50 percent discount from pharmaceutical companies on brand name drugs and seven percent on generic drugs, set to grow to 14 percent in 2012. The legislation aims to close the Medicare Part D prescription drug gap – known as the “donut hole” – by 2020.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTMedicare announced that Part B deductibles will drop more than $20 in 2012 and premiums – which cover outpatient services – will likely only increase by $3.50 per month and some beneficiaries will even see a decrease.
Average Medicare Advantage premiums are expected to drop four percent, more than offset by the average Social Security cost of living increase.
Free exams and preventative services
According to Reed, more than 76,500 Rhode Islanders to-date have used one or more of the preventive health care services offered for free under the Act, including free annual physicals and other preventive screening exams.
Last month, Rhode Island received a $58 million federal grants authorized under the Act to create a new online market for health insurance, bringing the total to-date to $92.9 million.
Open enrollment deadline tonight
The deadline for enacting changes in Medicare coverage ends tonight.
“Thanks to the Affordable Care Act, millions of Americans are receiving free preventive services and getting cheaper prescription drugs,” said Acting CMS Administrator Marilyn Tavenner. “People with Medicare should review their current plans before midnight December 7, so they can make sure that the plan they will have in 2012 is the best one for their health care needs.”
Those wishing to make changes before tomorrow can go to the official Medicare website or call toll-free at 1-800-MEDICAR (1-800-633-4227).
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