ALBANY, N.Y. (AP) — U.S. Sen. Charles Schumer says the elderly should now be paying half the cost for certain drugs under a Medicare change that will save New Yorkers $2.2 billion.
The measure that begins this week will cover half the cost of prescriptions for seniors caught in the so-called doughnut hole of Medicare coverage. Until now, seniors were covered for prescription costs up to $2,800 a year, but had to pay fully for additional drugs until they reached a cost considered catastrophic.
Under the new health care law seniors will pay for half of the drugs in the doughnut hole and phase into 100 percent coverage in 2020.
Schumer says a typical New York senior will save $550 this year and $2,200 a year beginning in 2020.
Drug stores should cut the price at the point of sale.