Healthcare is again in the news and many people are feeling confused by the amount and variety of information being communicated. Here is what you need to know about Medicare, Obamacare and Medicare Supplemental insurance.
- Obamacare: Obamacare is the commonly used name for the Affordable Care Act. This act is designed to make healthcare affordable for everyone and extend coverage to those that do not have it today.If you are already eligible for or receiving Medicare, it does not change your coverage or costs. Likewise, if you are insured by an employer, Obamacare does not apply to you either.
However, if you are without insurance or are self insured and under the age of 65, then you may want to explore the Affordable Care marketplaces. There could be an insurance plan that meets your needs. This may be of great interest to many older Americans who retired before the age of 65 and are now living without health insurance due to the expense or because they were previously denied coverage because of pre existing conditions. The Affordable Care Act is designed to meet the needs of people like this group.
- Medicare: Medicare is a government run insurance program for people 65 and older. Almost everyone 65 and over enrolls in Medicare Parts A and B which cover basic medical care.
- Medicare Supplemental Plans: Medicare Parts A and B do not cover the costs of all medical needs. Many older Americans opt to sign up for additional coverage with a Medicare Supplemental Plan. There are many different plans. It is important to evaluate your supplemental coverage each year to minimize your out of pocket healthcare spending. As we mention below the Medicare Supplement Open Enrollment begins shortly.