During the first five months of 2012, nearly 70,000 California Medicare beneficiaries saved a total of $41 million on prescription drug costs under the federal health reform law, according to new data from CMS, the Los Angeles Times reports.
Details of Reform Law Provision on Rx Drug Costs
Under the reform law, drug coverage for Medicare beneficiaries this year stops when their costs reach $2,930 and resumes when their costs reach $4,700.
The reform law requires drugmakers in 2012 to provide most beneficiaries in the coverage gap with a 50% discount on brand-name drugs and a 14% discount on generic drugs.
According to CMS, the reform law has helped beneficiaries save an average of $585 during the first five months of this year.
Overall, Medicare beneficiaries in California have saved $311 million on prescription drugs since the reform law was passed in 2010, CMS data show.
Meanwhile, Medicare beneficiaries across the U.S. have saved more than $3.7 billion since the law was passed (Terhune, Los Angeles Times, 6/25).