What Does Obamacare Mean for Seniors?

(2 Minute Read)

Now that the Affordable Care Act, commonly called Obamacare, has been implemented and started rolling, we’ve found lots of hidden benefits, especially for seniors. However, as the population of those using Medicare rises, there could be future hazards as well.

Fraud Prevention

The Affordable Care Act took many steps which each help reduce fraudulent Medicare claims. Enhanced screening, license checks, and certification visits for care providers helps shut down those who might claim to help the ill but really just want money. New modeling technology at Medicare helps them detect billing patterns specific to each doctor’s office or hospital and make sure they aren’t double billing or other issues.

Budget Cap

For the first time in its history, the Medicare insurance program has a budget cap. In the past, it used to be the case that any care billed to them would be covered. Now, they screen claims more discreetly and have limits as to how their spending can grow in relation to the GDP. This means that over time, there might be less budget to go around to each person.

Reduces Unwarranted Subsidies

However, the good news is that less of that budget will be going to insurers through subsidies. Though the budget may no longer be unlimited, the government is making strides to ensure the monies are being spent on the thing they’re intended for—ensuring the health and longevity of the patients who use Medicare.

Preventative Care

The ACA also offers seniors and other citizens the opportunity to engage in more preventative care than they may have been able to before. Screenings for cancers and other illnesses means they are caught early more often and cost less in the long run for all involved. The same extends to dental and vision care, areas where insurance might not have been available in the past for patients.

As you move into self-care as a senior, more medical costs and issues arise than you’ve probably ever experienced. If you’re worried you may not be able to cover your portion of expenses outside insurance coverage, consider a life settlement to get some extra cash. Visit our calculatorto see if you qualify!

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