Top 5 Ways the Affordable Care Act affects Seniors
Many people ask how the Affordable Care Act, which is also know as Obama Care, will affect seniors. We have put together 5 ways health reform will impact (or not impact) seniors below;
1.Your existing guaranteed Medicare-covered benefits will not be reduced or taken away. Neither will your ability to choose your own doctor.
2.If you had Medicare prescription drug coverage and had to pay for your drugs in 2010, as a result of the coverage gap known as the “Donut Hole,” you received a one-time, tax free $250 rebate from Medicare to assist in paying for your prescriptions.
3.Beginning this year, if you have high prescription drug costs that put you in the donut hole, you receive a 50% discount on covered brand-name drugs while you’re in the donut hole. Between 2010 and 2020, you will continue to get Medicare coverage for your prescription drugs. The donut hole will be closed completely by 2020.
4.Medicare covers certain preventive services without charging you the Part B coinsurance or deductible. An annual wellness exam will also be offered to you free of charge.
5.The life of the Medicare Trust fund will be extended to at least 2029. This 12-year extension is a result of reduced waste, fraud, and abuse, as well as a slowing cost growth in Medicare, which will provide you with future cost savings on your premiums and coinsurance.
If you have any questions, click here to learn more about medicare changes from the new healthcare reform.