As the end of the Medicare open enrollment period winds to a close this week, the government says that prescription drug coverage has saved people with Medicare more than $5 billion on prescription drugs.
The savings result from greater savings for people in the coverage gap, or donut hole. The savings will be even higher in 2013 as the savings to those in the donut hole increases as they pay 53% of the cost of brand name drugs and 21 percent of the cost of generic drugs. In the first 10 months of 2012, 2.8 million people save an average of $677 on prescription drugs.
The Medicare open enrollment period ends Dec. 7. While there is still time to shop and compare plans, time is getting tight to change plans.