Affordable Care Act saves Medicare Beneficiaries Thousands
Americans of all ages and incomes will be affected by the Affordable Care Act. The controversial Act was passed by Congress and made law on 23rd March 2010. It looks set to provide benefits to many people on the existing Medicare system, and will help pay high prescription costs or secure health insurance for the foreseeable future.
The US Department of Health and Human Services have studied the impact the changes will have on seniors already enrolled in Medicare. The positive findings showed that on average Medicare beneficiaries could save up to $3,500 over the next 10 years thanks to the new Act. Medicare Secretary Kathleen Sebelius praised the developments, saying “the Affordable Care Act makes Medicare stronger and reduces the burden of health care costs to some of our most vulnerable citizens”. But she also warned that “these benefits and savings are only possible with the continued implementation of the Affordable Care Act”.
The Affordable Care Act will help reduce the costs for those on Medicare by slowing down the growth of Medicare cost-sharing. The Part D gap, also known as the donut hole – is the difference of the initial coverage limit and the catastrophic coverage threshold. Closing the donut hole will bring about the most significant savings.
The 1.8 million people that reached the donut hole this year, mainly elderly and disabled people, were given a one off $250 cheque, and this will continue for those who continue to reach the donut hole this year. 50% discounts on Part D prescription drugs will be awarded to these people next year. They will also be able to gain access to a number of preventive services to control their health and have annual wellness visits at no extra cost.
The savings will be greatest for those with expensive medical conditions or high prescription drug costs. The total savings for each beneficiary is estimated to reach $86 in 2011 and $649 in 2020. For those spending within the donut hole, this will increase from $553 in 2011 to $2,217 in 2020.
If you require help with the cost of evey day healthcare solutions then MedicashCash Plans offer the ideal solution and covers you in the event of any medical emergeny.
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