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The new healthcare bill is complicated and can be confusing. There are a number of ways that seniors will be affected by the new healthcare bill. Here are some specifics to help you figure it all out.
Medicare Advantage Plans
Under the healthcare bill, Medicare Advantage plans run by private insurers will be cut by $132 billion over 10 years. These plans often offer extra benefits that seniors do not get from traditional Medicare. These cuts will not affect traditional Medicare benefits.
Traditional Medicare
The healthcare reform bill will add to the prescription-drug benefits. The current system is as follows: After a senior spends $2,700 on drugs in a year, they do not get coverage again until they spend at least $6,154 on drugs, when coverage then kicks in again.
Under the new plan, people who are in this range will get $250 of government help. The percentage will gradually increase to narrow the gap. By 2020, the government will pay 75 percent of the costs between $2,700 and $6,154.
Medicare Payment Advisory Board
The bill also establishes an Independent Payment Advisory Board, made up of 15 members, that will submit legislative proposals to congress and the president in order to reduce per capita Medicare spending, if spending grows too rapidly. The board is limited by the bill and blocked from proposing any legislation that would ration care, raise taxes, or change benefits.
It is important that seniors know how their Medicare insurance may be affected by the healthcare reform bill. Still confused? Learn more about the new healthcare coverage.
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