What will happen to Medicare under the new affordable healthcare act?
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Asked September 6, 2012
The Affordable Care Act is designed to increase health care for nearly a third of our country's citizens and their children. It does not replace Medicare, but it does contain provisions which expand on the care and benefits available to beneficiaries.. If you are unsure of what the ACA means to your Medicare coverage, this article should resolve some of your questions.
The ACA strengthens Medicare and helps seniors take charge of their health. The law provides important benefits such as free preventive services, free annual wellness visits, and a 50% discount on prescription drugs for Medicare recipients in the coverage gap known as the "donut hole." You can also work with your doctor to create a personalized prevention plan.
It is important to know that under the ACA your existing guaranteed Medicare-covered benefits won't be reduced or taken away and neither will your ability to choose your own doctor. In fact you may have already experienced some of these benefits in the form cash rebates during the law's first year in 2010. If you had Medicare prescription drug coverage and had to pay for your drugs in the coverage gap known as the "donut hole," you received a one-time, tax free $250 rebate from Medicare to help pay for your prescriptions.
If you have high prescription drug costs that put you in the donut hole, you now get a 50% discount on covered brand-name drugs while you're in the donut hole. Between today and 2020, you'll get continuous Medicare coverage for your prescription drugs. The donut hole will be closed completely by 2020.
According to the ACA, Medicare will have extended coverage of certain preventive services without charging you the Part B coinsurance or deductible. You will also be offered a free annual wellness exam. In addition to the increase in benefits, the Medicare Trust Fund will be extended as a result of reducing waste, fraud and abuse, and slowing cost growth in Medicare, which will provide you with future cost savings on your premiums and coinsurance.
Answered September 6, 2012 by Anonymous