The Affordable Care Act: Dollars in Your Pocket
New data show that the Affordable Care Act has already saved $2.1 billion for the 3.6 million Americans with Medicare! That comes out to be over $600 per person for Medicare beneficiaries, who are either elderly or disabled. And the savings are growing—by 2021, the average Medicare beneficiary will have saved about $4,200. People with particularly expensive prescription needs will save about $16,000 in the same 10-year period. The particular provisions at work here involve closing the prescription drug donut hole through discounts on generic and brand-name prescriptions. Medicare beneficiaries are saving on all kinds of prescriptions, with diabetes, cholesterol, asthma, and blood pressure drugs as some of the biggest categories. These drugs treat chronic conditions—making these prescriptions affordable helps people treat ongoing conditions and prevents the costly care associated with not treating chronic conditions.
Illinoisans have received higher than average benefits from the new law. Last year, over 144,000 Illinois Medicare beneficiaries saved over $96 million. That is an average saving of $667 dollars per person in 2011. That would pay more than nineteen months of CTA passes or ten months of electric bills—a significant savings. The Affordable Care Act is already making a difference in people’s lives.
