Given that the Affordable Care Act, or ACA, has been upheld by the Supreme Court, seniors are in position to benefit much more on healthcare options.
The goal of ACA is to expand the healthcare options for all Americans - but with regards to seniors, your choices are much more "expandable." For instance, the majority of the guaranteed benefits under Medicare Parts A and Part B will be expanded...and none will be reduced.
- A provision that could very well bring instant benefits is help with the Medicare Part D "donut hole," in the form of a $250 rebate.
The really great aspect of this added benefit is that if you qualify, you don't need to do anything at all to get your check; it comes automatically. Once a senior reaches their donut hole, they will receive a 50% discount on brand-name prescription drugs, and a 7% on generic drugs. If a senior is on Medicare, then they will be eligible for a free annual wellness exam.
Medicare Advantage plans must offer identical benefits provided under Medicare Parts A and B; such plans will continue to lower your out-of-pocket expenses for specific expensive services, and if you need extensive care. The ACA will ultimately lower payments to Medicare Advantage plans from the existing 14% profit-over-costs to 1% profit, with bonus payments to those plans with high ratings.
- In case you are considering a Medicare Advantage Plan, search for one that has been operating for at least five years and that has received a high rating from Medicare.
Almost all seniors would rather receive medical care at home than living in a nursing home or skilled nursing facility (SNF). The ACA will provide monetary incentives to states offering assistance for those seniors to stay at home. So if your state is considering not accepting funds from the federal government, you may want to contact your Governor and ask her or she, "Why Not?"
Wealthier seniors that have income in excess of specific amounts, will still need to pay more for Medicare Part B, in addition to Part D. In addition, seniors who are in this better financial position will be required to pay a higher Medicare tax rate that will now include unearned income from investments.
The ACA can be hard to understand. It's a mixture of medical jargon and legalese.
- What the ACA does not do is eliminate the necessity to plan in advance for long-term care.
The only professional who can certainly assist you in coordinating a plan to pay for your long term costs and understands the consequences of this law is an Elder Law Attorney.
I have dedicated my practice to serving the needs of seniors and their families with the legal issues that arise as one grows older. I will speak with you personally at no charge to listen to your concerns and let you know if I can help.
Give me a call at 619-800-6820.
Vincent M. Casiano, Esq.
Elder Law Attorney