The Affordable Care Act Great for Seniors
While conducting phone interviews with current Medicare recipients we have found the great majority of seniors don’t fully understand how they benefits or are affected by the Affordable Care Act (ObamaCare). Furthermore, there are some conservatives who are seeing huge benefits that refuse to believe they have been helped in anyway, despite having more money in their bank accounts every month. Understanding the effects of ObamaCare is important because changes have been made that will affect everyone currently receiving health care benefits.
The most evident benefit of the Affordable Care Act can be found in the changes made to Prescription Drug Plans. People who purchase these plans have been complaining for years about the donut hole, which is a gap in coverage that often affects those of us who take a significant amount of medications. In this donut hole the covered person is responsible for almost 100% of the cost of their prescriptions. ObamaCare, however, has eliminated this donut hole by 2014. In addition, rather than having tax payers cover the cost of these prescriptions, Obama has forced the billion dollar drug companies to offer the prescriptions for a steep discount, thus eliminating this financial burden for seniors.
All Medicare recipients who are enrolled in Part B know they must pay a monthly premium, which normally comes out of their social security check. The Medicare Part B premium has been steadily increasing every year until the Affordable Care Act was passed. In 2012 the Medicare Part B premium was reduced to $99.90 from $115.40, which represents an additional $186 in annual savings for Medicare recipients. This savings has benefited everyone who receives benefits and is widely acknowledged as a significant benefit of ObamaCare.
Medicare Advantage Plans have become very popular of the past ten years. However, they have been a huge drain on the national budget as they cost the government 14% more than traditional Medicare and supplemental insurance. ObamaCare cut funding for under-performing Medicare Advantage Plans that did not have high quality offerings and increased payments to high performing plans. This saves tax payer money while also rewarding excellent, well liked health plans.
The most important benefit of the Affordable Care Act is the continued sustainability of Medicare. Without Medicare seniors would be forced to purchase incredibly expensive health insurance plans with limited benefits and would likely receive very poor care. The Affordable Care Act will prevent Medicare from going bankrupt and will preserve this great program for all future generations.