As people age, many decide to forgo their individual health insurance plans and opt for Medicare as soon as they become eligible to do so. Many people switch to Medicare because individual health insurance premiums can be high and Medicare offers inexpensive prescription drug plans.

Under the Affordable Care Act, people stand to benefit even more from having Medicare. Recently, U.S. Department of Health and Human Services Secretary Kathleen Sebelius announced that 1 million Medicare beneficiaries have received assistance with paying for their prescription medications.

The government has been helping those on Medicare who fall into the "donut hole" by mailing $250 rebate checks to those who qualify. The "donut hole" is a gap in coverage for those who have Medicare prescription drug coverage and aren't receiving Medicare Extra Help.

"These checks will make a difference in helping seniors continue to get the medications they need, and are one of many ways that the Affordable Care Act is helping seniors," said Sebelius.

According to the Kaiser Family Foundation, prescription medication costs have increased faster than other areas of the healthcare industry.