Reed: Health Reform Law Saving RIers $5.5 Million on Prescription Drugs
Key Medicare open enrollment deadline is tomorrow, December 7
WASHINGTON, DC – U.S. Senator Jack Reed today announced that new federal statistics set to be released by the Centers for Medicare & Medicaid Services (CMS) show that thanks to the new health insurance reform law, more than 10,600 Rhode Island Medicare recipients have saved over $5.5 million on their prescriptions this year, a nearly $522-per-person average. Nationwide, more than 2.65 million Medicare recipients have saved over $1.5 billion.
The health insurance reform law, which Senator Reed voted for and was signed into law in 2010, includes a 50 percent discount from pharmaceutical companies on brand name drugs. There is also a 7 percent price break on generic drugs that is set to grow to 14 percent next year.
“The health insurance reform law is saving seniors money on medication,” said Reed. “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. This new law is helping to ensure Medicare benefits remain comprehensive and affordable and Rhode Islanders are already seeing real savings as a result.”
Under the health insurance reform law (the Affordable Care Act), the Medicare Part D prescription drug gap, also known as the donut hole, will be eliminated by 2020.
Reed also noted that as of November, more than 76,500 Rhode Islanders have accessed at least one preventive health care service made free by the new health insurance reform law, such as a free annual physical or other preventive screening exam.
Reed is also reminding seniors and persons with disabilities that tomorrow, December 7, is the last day to enroll in or make changes to their Medicare prescription drug coverage. Open enrollment, which began a month earlier this year, on October 15, ends tomorrow – 3 weeks earlier than usual. The open enrollment period is when recipients may change their Medicare Part D prescription drug coverage. Any changes made during the enrollment period will be effective starting January 1, 2012.
Rhode Islanders who wish to enroll or change their plans can go to the official Medicare website: http://www.medicare.gov which is run by the federal government’s Centers for Medicare & Medicaid Services. The toll-free telephone line is 1-800-MEDICAR (1-800-633-4227). Earlier this year, CMS mailed handbooks out to Rhode Islanders, and the 42 million Medicare recipients nationwide, reminding them of the deadline, offering advice on how to compare plans and determine their needs, and summarizing premiums and out-of-pocket expenses.
Last month, Rhode Island received a $58 million federal grant authorized by the health insurance reform law to assist in the creation of a new online market for health insurance. To date, Rhode Island has received over $92.9 million in Affordable Care Act funding.
