Ways the Future of Medicare Will Affect Seniors
As we’ve seen in the last few years, the Affordable Care Act has been a major political issue. With Republicans now in control of Congress and the White House, there is speculation about how this will impact Medicare for seniors. Although many people are against changes to Medicare, Medicare expert say that it may be necessary for our nation’s fiscal stability.
A major concern for many people signing up for Obamacare was how much they would have to pay in premiums, deductibles and co-pays on top of what traditional insurance covered. There were also worries about being able to afford prescription drugs since health care doesn’t often include this essential expense.
Due to these concerns, many older Americans choose not sign up at all or risk it if they had a pre-existing condition like diabetes or heart disease which made them uninsurable under certain conditions. In theory then, those who enroll could be less likely to later need expensive medication or emergency care.
But there are some drawbacks to the Affordable Care Act that could also affect seniors who enroll in Medicare: one, it is now an option for employers and insurers to offer policies with higher deductibles than traditional insurance plans and two, many people believe Obamacare will increase health costs by taxing richer Americans more heavily while simultaneously reducing federal subsidies for those on Medicaid. The recent Supreme Court decision upholding most of the ACA has restored a measure of security in terms of employer-based healthcare coverage but does not make up for flaws that still need addressing such as how much older adults have to pay out-of-pocket before their benefits kick in.