Medicare beneficiaries saved billions of dollars since Affordable Care Act

The Affordable Care Act gave financial relief to more seniors than ever before, and as a result, Medicare beneficiaries have saved $3.7 billion on prescription drugs since it went into effect in 2010, according to CNN Money.

This act was put into place if Medicare stops paying for drug coverage and a patient cannot afford to pay for these medications out-of-pocket. This idea was coined "donut hole." Once the act went into effect, those who were eligible got one-time tax-free $250 rebate to help pay for medications. The act also stated that those who fell into the donut hole got a 50 percent discount on brand-name drugs due to high prescription costs and a 7 percent discount on generics, according to the news source.

"The law is helping people with Medicare lower their medical costs, and giving them more resources to stay healthy," CMS acting administrator Marilyn Tavenner said in a statement.

The act is also mandating the donut hole to be fully closed by 2020, and they are off to a good start. Medicare reported 745,009 seniors in the donut hole saved a total of $485.3 million on prescription drugs in the first five months of 2012, which is also $651 in savings so far this year, according to the media outlet.

It is important once a person becomes eligible for a Medicare supplement insurance plan, they sign up for one, as this can give a family the financial support they need in the event of an unexpected medical condition. According to Medicare.gov, there are different sections to apply for seniors, depending on what they need coverage on the most.