HHS: Health law has saved seniors nearly $4B on medications

The Obama administration touted the healthcare law Wednesday for saving seniors billions of dollars on prescription drugs.

The Medicare agency released figures showing that millions of seniors and people with disabilities have saved $3.9 billion on medications since the law was enacted.

The data also showed that since the beginning of the year, more than 1 million Medicare beneficiaries have saved an average of $629 on prescriptions in the "doughnut hole" coverage gap. 

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"Millions of people with Medicare have been paying less for prescription drugs thanks to the healthcare law," said Marilyn Tavenner, the head of the Centers for Medicare and Medicaid Services.

"Seniors and people with disabilities have already saved close to $4 billion. In 2020, the doughnut hole will be closed thanks to the Affordable Care Act."

To close the doughnut hole, the government will cover more and more of the value of brand-name and generic drugs until 2020, when seniors will be responsible for 25 percent of the cost for each.

The Supreme Court upheld the vast majority of the law on June 28, and on Tuesday, the Congressional Budget Office found that the ruling cut the law's cost by $84 billion.