The health reform law will save Medicare about $8 billion by the end of 2011 and $575 billion over the rest of the decade, according to a report set to be released by the Obama administration.
The report shows that the reform will add 12 years of solvency to Medicare's trust fund for inpatient care and will save seniors nearly $200 a year in monthly premiums by 2018, the Associated Press reported.
"The passage of the Affordable Care Act marks a turning point in the unsustainable rate of cost growth in our health care system," an advance copy of the report said.
Democrats and Republicans have fiercely debated the impact of health reform on Medicare. Polls show that seniors are generally more skeptical of the health reform bill than younger Americans.
Banking Services 101
Understand your bank's services, and how to get the most from themView Course »