The Centers for Medicare & Medicaid Services announced that until now, over 2.2 million people with Medicare have saved over $1.2 billion on their prescriptions, an average saving of $550 per person. It also reports that over 22.6 million seniors and people with disabilities have taken advantage of at least one free Medicare preventive benefit, such as the new Annual Wellness Visit made possible by the Affordable Care Act.

CMS Administrator Donald M. Berwick, MD said: “Thanks to the Affordable Care Act, seniors are getting cheaper prescription drugs and free preventive care.”

People with Medicare can take advantage of many preventive services free of charge under the Affordable Care Act, such as diabetes screening, some cancer screenings and help to quit smoking.

Across the country those with Medicare also receive cheaper prescription drugs. The Affordable Care Act, also gives seniors and people with disabilities a 50% discount on covered brand name drugs in the Medicare Part D coverage gap, also known as the ‘donut hole’. This will be continued throughout 2012 and progressively increase each year until the coverage gap closes in 2020.

In addition, the average premiums for Medicare Part D prescription drug plans will remain virtually unchanged in 2012. Medicare also recently announced a 4% decrease for 2012 in average Medicare Advantage premiums whilst Part B premiums, covering outpatient services including doctor visits, will increase by $3.50 monthly for most beneficiaries in 2012, with some seeing a decrease. According to Medicare, these changes will be more than offset by the average Social Security cost of living increase of $43 per month for retired workers.

Medicare open enrollment: From October 15 – December 7

As part of the annual Medicare Open Enrollment Period, Medicare clients can now review their drug and health plan coverage options for 2012. Cover plans that have achieved an overall quality rating of five stars with a high performer or “gold star” icon is highlighted by the CMS on Medicare’s Plan Finder at www.medicare.gov/find-a-plan.

The Enrollment Period for this year is early and has been extended by one week from October 15 to December 7 allowing Medicare beneficiaries more time to find the best plan for their needs by being able to switch to any available five-star plan at any time during the year without having to wait for the next open season.

Written by Petra Rattue