The Affordable Care Act has been touted as a valuable tool for individuals who want to find Cheap Health Insurance because they do not have access to insurance through their employers. However, the working population is not the only ones who will benefit from the ability to compare medical insurance under the Affordable Care Act. Seniors will also enjoy numerous advantages from this legislation, ranging from a more robust Medicare system to cheap health insurance for preventative care.
If you are a senior, consider these benefits the Affordable Care Act will offer you.
Closing the Donut Hole
Seniors with high-cost prescriptions in the past may have found themselves in what has been dubbed the Medicare "donut hole." This gap left many without cheap health insurance coverage for their medications.
The Affordable Care Act closes the donut hole, ensuring seniors who want to compare medical insurance supplements will no longer have to pay an exorbitant amount to add prescription benefits to their current cheap health insurance package. In addition, seniors who paid for prescription drugs because of the donut hole will receive a one-time $250 rebate from Medicare to help cover the cost.
Coverage of Preventative Services
One of the biggest ways to stay healthy well into the senior years is through preventative health care that includes regular screenings for common illnesses, as well as annual check-ups and immunizations for the flu and other seasonal bugs.
The Affordable Care Act will increase the coverage for preventative care, ensuring all seniors who compare health insurance will find similar benefits across the board. These services will be included with your cheap medical insurance, so you don't have to pay the Plan B co-pay or deductible you paid in the past.
Extension of Medicare Coverage
Most seniors will be relieved to discover that their cheap health insurance will be secure for a much longer period of time, thanks to provisions in the Affordable Care Act to protect Medicare. With scrutiny on wasted money, fraud and abuse, the agency hopes to save enough money to extend the Medicare Trust Fund to at least 2029. That is a 12-year extension over what the current cheap medical insurance had in its coffers, ensuring that seniors will receive future savings on both premiums and coinsurance.
Medicare Advantage Improvements
Currently, Medicare pays Medicare Advantage customers more than $1,000 per person each year than the original Medicare plan. These payments have to be made up by all participants in the cheap health plan, rather than just charging the Medicare Advantage customers for the additional cost.
New provisions in the Affordable Care Act will gradually eliminate overpayments to private insurance companies, ensuring Medicare remains the cheap health insurance option it is today. By the year 2014, Medicare Advantage will also be required to spend at least 85% of all premiums on actual health care services, instead of administrative costs.
Finding cheap health insurance isn't easy when you are a senior, but the Affordable Care Act makes it a bit easier. When you can compare medical insurance and find similar benefits across the board, you are in a better position to get the best value for your premium dollar.