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When someone mentions the Affordable Care Act, also known as Obamacare, they are typically met confused expressions and perplexed shrugs. Even with news story after news story covering the topic, many people still find it to be a great mystery and fail to understand just how it effects them. This is especially true for individuals who are currently covered by Medicare.
Millions of seniors with Medicare have been affected by health care reform in one way or another. Preventative services, such as immunizations, annual checkups and cancer screening, cholesterol testing and diabetes screening are all now available without the requirement of a co-payment. However, with the full implementation of the new law, may are concerned about what waits for them around the bend.
Myths Surrounding Obamacare and Medicare
Medicare has always been a confusing subject. Now, there is even more confusion regarding how it will be affected by the new health care act.
MYTH: This is the end of Medicare.
FACT: Obamacare is not a replacement for Medicare. In fact, Medicare will become stronger than ever once the Affordable Care Act is in full effect. The guaranteed benefits of Medicare are protected like never before in the past.
MYTH: Seniors with Medicare are being forced to purchase additional health insurance in order to be in compliance with the new law.
FACT: This myth comes from the misapprehensions regarding the primary mandate, which was a fundamental Affordable Care Act provision that requires people that do not currently hold a health insurance policy to purchase coverage or face penalty charges. However, Medicare is in fact health insurance coverage. This means that Medicare beneficiaries have no need to pay for additional insurance to comply with Obamacare. Seniors who have Medicare had the option to change their prescription drug coverage and plans during the enrollment period. However, the Medicare beneficiaries that are happy with the plans that they have do not have to worry about doing anything.
MYTH: Medications will cost more for Medicare beneficiaries under Obamacare.
FACT: In a way, this myth is kind of true. Under the Affordable Care Act, Medicare beneficiaries that have a higher income, which includes those with earnings over $85,000 each or $170,000 for couples, will have to pay a little more for the coverage of their prescription drugs, also known as Medicare Part D. However, this will only affect around five percent of the nation’s Medicare beneficiaries. Most seniors on Medicare will notice a drop in the amount they pay for prescription drugs as the “donut hole” begins to close over the next few years.
MYTH: Medicare beneficiaries will no longer be able to go to their regular doctors.
FACT: There is nothing in the Affordable Care Act that specifically alters the doctors that Medicare beneficiaries are able to see. Pharmacies, physicians, hospitals and other health care providers make routine decisions regarding their businesses. During this decision-making time, these professional may decide to withdraw from the program. However, there are no requirements for Medicare patients to change doctors.
MYTH: Premiums for Medicare are getting higher.
FACT: This is another myth that has a bit of truth to it. The premiums for Medicare are determined by a complex calculation formula that existed long before the establishment of the Affordable Care Act. Those premiums increase with each passing year. The cost of health care goes up every year, which causes the rise in Medicare premiums. While Medicare beneficiaries above the $85,000 individual or $170,000 couple income level will continue to pay a higher premium for their Medicare Part B coverage, this is in no way related to Obamacare.
What You Need To Know
Some Medicare benefits will improve with Obamacare. However, there are a few important details of which you should be aware, such as:
- Protected coverage – Regardless if your coverage is through a Medicare Advantage Plan or Original Medicare, you will have the same benefits. In addition, the Medicare Trust Fund will be extended for a number of years in order to reduce abuse, fraud, waste and Medicare costs.
- More services – In addition to preventative services, such as colonoscopies and mammograms without a deductible or charge to your Part B plan, you now also have access to a free wellness visit every year.
- More support for doctors – New initiatives for care coordination support means additional resources for doctors to ensure more consistent treatments.
Supplemental Medicare plans and Medicare Advantage plans are available through ABM Insurance & Benefit Services, who is also willing to answer any questions that you still have about how your coverage will be affected by the Affordable Care Act. Do not go out and purchase health insurance that you do not need, nor is it wise to think that you are covered adequately without making sure. In order to find out everything you need to know about Medicare and Obamacare, all you have to do is click on the quote request button to get started today.
Health Insurance Exchange Protection at its Best
Are you faced with the need to buy individual health exchange insurance for the first time? Or maybe you already have individual health insurance and wonder if the new exchange set-up could save you money.
Perhaps even you're a small firm reviewing your requirements for a small business health insurance plan.
Whichever direction you're coming from, the chances are high that you're bewildered by the changes brought about by the Affordable Care Act and the mysteries of the new health insurance exchanges.
You're not alone, surveys show that 4 out of 5 people, including business owners, have no clear idea about individual health exchange insurance.
Inside the Health Insurance Exchange
But don't worry. We know. The experts at ABM Insurance & Benefit Services not only know how the system works but, most importantly, they know how to secure the individual health insurance you need at the lowest possible cost.
We've been protecting individuals and businesses in Houston, across Texas and in many other states, for more than a quarter of a century. We work with leading insurers including those who will use the new health insurance exchange structure.
Of course, a health insurance exchange (which actually is a set of healthcare plans, not a place) is not the only route to individual health insurance, but it certainly adds to the range of health protection choices and competitive pricing.
Small Business Health Insurance Too
When you want to make the most of these choices and opportunities, and get yourself properly protected, ABM's experts will:
- Understand your needs and your budget and explain your options, both to meet legal requirements and your pocket.
- Arrange the protection that best suits you, whether that's individual health exchange insurance, traditional individual health insurance, or small business health insurance.
- Be on hand to answer your questions, help you with claims and ensure your plan continues to meet your needs.
Don't be confused. Don't buy the wrong protection. Don't panic. Just complete our no-obligation Free Quote request right now and we'll rescue you!