Affordable Care Act to Save Medicare Participants Thousands
November 08 2010
At AmericasFairHealthCare.org, we've talked to you before about how the Affordable Care Act will affect Medicare.
Despite some of the myths and confusion out there, the bill was designed specifically to strengthen - not weaken - Medicare. The solvency of the program has been extended for upwards of a decade, and users will benefit from free preventative care services, lower drug costs, the closing the prescription drug "donut hole," and an overall reduction in waste, fraud and abuse.
Now there's even more proof.
A new study from the Department of Health and Human Services shows that seniors and persons with disabilities will save thousands of dollars over next decade thanks to provisions in the new law that lower drug costs and improve the overall efficiency of the program.
According to the latest estimates, the "Average savings for those enrolled in traditional Medicare will amount to more than $3,500 over the next 10 years. Savings will be even higher - as much as $12,300 over the next 10 years - for seniors and people with disabilities who have high prescription drug costs."
In an official statement, Secretary of HHS Kathleen Sebelius explained the added benefits for seniors and those with disabilities:
"The Affordable Care Act makes Medicare stronger and reduces the burden of health care costs on some of our most vulnerable citizens...the law improves benefits for seniors and people with beneficiaries who rely on Medicare and ensures that Medicare will be there for current and future generations by extending the life of the Medicare Trust Fund."
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"Under new plans, no child under age 19 will be denied coverage for a pre-existing conditions, period. Adults who have been without insurance for six months and who have been unable to obtain insurance because of a pre-existing condition, can apply for coverage under the Pre-Existing Condition Insurance Plan (PCIP)."
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Insurers can no longer cut someone after the fact.
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New screening procedures are now in place for health care providers to eliminate fraud and waste in the health care system.
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Medicare Part D enrollees who hit the Medicare prescription drug benefit gap in 2010 will automatically receive a $250 rebate check.
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Effective immediately, qualified small employers get tax credits of up to 35% of premiums for offering coverage.
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