According to a new report from the U.S. Department of Health and Human Services, the health care reform law will help the average American under a traditional Medicare plan save $5,000 from 2010 to 2022.
Medicare beneficiaries who have high prescription costs will save even more — over $18,000 in the same time period — since Obamacare will help make Medicare prescription drug coverage more affordable for seniors by working to close the “donut hole” coverage gap. Already, in the short time period since the law was enacted, 5.5 million seniors and Americans with disabilities have saved over $4 billion on their prescription drugs.
Mitt Romney has pledged to repeal the Affordable Care Act “on day one,” undermining the cost controls in the law and increasing the costs for seniors’ preventative, hospital, and physician services. His own proposal to transform the Medicare program from a guaranteed benefit to a guaranteed contribution — providing seniors a pre-determined “premium support” credit that will not keep up with health care costs — would increase premiums by nearly $60,000 for seniors reaching the age of 65 in 2023, a recent study found.