The Affordable Care Act (more commonly called Obamacare) received a lot of attention for issues with its website, concerns about rates, enrollment levels and more. But, one area that was not widely focused on was what changes in the legislation affect senior health insurance. To learn more about how Obamacare affects your senior health insurance, read on.
Will My Senior Health Insurance Plan Meet The Obamacare Requirement?
One highly publicized part of the Affordable Care Act is the requirement that everyone now has to have a minimum level of health insurance or pay a tax penalty. Employer plans and government plans (Medicare, Medicaid, CHIP and some veteran’s programs) meet this requirement, so seniors enrolled in Medicare or another plan are covered. Just remember that basic Medicare (Part A) just covered hospitalization. Broader medical insurance coverage can be purchased directly from insurance companies, but a good broker – like Custom Health Plans – can help you find the best plan for your specific requirements and budget.
How Will Obamacare Change Medicare?
Obamacare will not replace your current Medicare plan. There are a few benefits that you should be aware of, however, so that you can take full advantage of health care reform without paying hidden costs:
- Yearly Wellness Visits: Under the new health law, seniors are able to meet with their doctor for a “free annual wellness benefit” session, receiving a personalized check-up that includes free cholesterol and diabetes screenings. However, there are potential costs even with this free meeting; if your doctor discovers something wrong and performs additional tests, you could be held liable for the cost of those procedures.
- Decreased Prescription Drug Costs: For those under Medicare Part D, it is possible that you will see discounts on brand name prescription drugs and generic drugs. For more information on how to reduce costs on your senior health insurance plan, contact us today.
- Protection Against Medicare Fraud: Obamacare will add $350 million over a 10-year period to catch individuals who illegally bill Medicare. For more information on how you can protect yourself from Medicare fraud, contact your reliable insurance expert at Custom Health Plans.
Do I Have To Buy New Health Insurance To Meet Obamacare Requirements?
No, Medicare is not affected by the ACA provision that requires uninsured individuals to buy health coverage or pay a fee. If you would like to change your plan and prescription drug coverage, you may do so during the Medicare open enrollment period. If you are happy with your current Senior Health Insurance plan, you can keep it without suffering a penalty.
Will I See New Costs Under Obamacare?
Unfortunately, Medicare beneficiaries with higher incomes ($85,000 per person or $170,000 per couple) will pay more slightly more for their prescription drug coverage. Also, Medicare premiums will continue to rise annually for all who have coverage. To determine the best possible coverage at the lowest cost, contact a Custom Health Plans representative today to start saving.
For more information about Senior Health Insurance, please see our Frequently Asked Questions section. Learn more about the various Medicare plans available using our Medicare Plan guide, or compare senior health insurance quotes right now to get started.
We can help you sort through the maze of the changing health care market, Medicare and other options to get the senior health plan that best meets your needs. Contact us today!