Centers for Medicare & Medicaid show ACA savings

Posted by:  :  Category: Medicare



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Under the discount program in the ACA, in 2010, anyone with a Medicare prescription drug plan who reached the prescription drug donut hole got a $250 rebate. In 2011, beneficiaries who landed in the donut hole began receiving discounts on covered brand-name drugs and savings on generic drugs. Next year, Medicare Part D participants who fall into the donut hole will receive savings of about 53 percent on the cost of brand name drugs and 28 percent on the cost of generic drugs. These savings and Medicare coverage will gradually increase until 2020, when the coverage gap will be closed.

Video: Explaining the Medicare Part D coverage gap (“doughnut hole”)

Bridging the Gap in Your Medicare Policy

Medicare Supplemental Plan: Also known as Medigap, this plan supplements the coverage gaps by covering the cost of co-payments and deductibles. This plan has a higher premium since it covers more out-of-pocket costs, but it results in medical treatment at little to no cost for policyholders. Medigap policies may also cover circumstances that original Medicare will not cover, such as medical treatment while traveling outside of the country.

Daily Kos: Budget includes three

Washington’s inaction and obsessive focus on a dwindling- and frankly irrelevant- deficit has prolonged the pain for the unemployed. The Fed’s efforts to stimulate growth through quanitative easing is simply of limited utility. A major stimulus package is out of reach at this time given the knuckleheads Americans have elected to Congress. The GOP and corporatist Democrats (those paying homage to the President’s ill-fated Simpson-Bowles commission) have bouth into the incredibly effective propaganda campaign which links economic growth to cuts in spending and reductions in the deficit. That story line is spun as Gospel by the GOP, many Democrats and all but liberal cable media pundits where most Americans turn for information.

Closing the Medicare Part D Coverage Gap

En español l The health care law adds benefits to help make your Medicare prescription drug coverage more affordable. If you reach the Medicare Part D coverage gap, you can get discounts on your prescription drugs. The discounts will gradually increase until the coverage gap disappears in 2020.

Medicare coverage has gaps

A: Medigap plans are sold by private insurance companies, but the plans have to follow state and federal rules. Medigap plans come in several standard varieties, which helps consumers compare plans. They cover some of Medicare’s cost-sharing, including deductibles and co-insurance, but they do not pay for services that Medicare does not cover. Medigap plans are popular because they rarely change from year to year, and they allow you to see any health care provider that accepts Medicare. But Medigap plans can have high premiums that increase annually, and policyholders usually must also buy separate Part D prescription drug plans. If you have a Medigap plan, think twice before dropping it for some other coverage because you may not be able to get it back later.

Medicare drug gap risk may have shrunk

More advisors are steering senior clients to life settlement as a way to unlock the liquidity potential of a life insurance policy. Find all you need to know about the process and its benefits in this Senior Market Advisor special insert.

2014 Medicare Part D Costs, Premiums, Deductibles, and Coverage Gap

The Medicare Part D program was created in 2006 to provide eligible beneficiaries with access to prescription drug coverage. In order to get this coverage, beneficiaries could either enroll in a stand-alone Medicare Prescription Drug Plan (PDP) or in a Medicare Advantage Prescription Drug (MAPD) plan. Both types of Part D plans come with out-of-pocket costs, including premiums, deductibles, and copayments, and these costs vary each year. During the Medicare Annual Election Period, it is recommended that beneficiaries compare their 2014 Part D plan options to make sure that they are enrolled in the right coverage for their needs. However, before they start reevaluating their coverage, it is important to first understand how much 2014 Medicare Part D costs will be changing, and how this will impact how much beneficiaries pay for coverage in the coming year.

Coverage Gap Gets Smaller for Medicare Patients

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Seniors sue Medicare to close nursing home coverage gap

Today, lawyers representing 14 seniors, including 7 from Connecticut, will go to U.S. District Court in Hartford to ask a judge to eliminate the observation care designation because it deprives Medicare beneficiaries of the full hospital coverage they’re entitled to under Medicare, including coverage for follow-up nursing home care. The Centers for Medicare and Medicaid Services (CMS), which runs the Medicare program, pays for doctor visits, hospitalization, nursing home care, prescription drugs and other benefits for nearly 50 million older or disabled Americans, including about 586,000 in Connecticut.

Health Exchanges Will Help Some Retirees Bridge The Medicare Gap

The New York Times: In New Health Law, A Bridge To Medicare The sweeping federal health care law making its major public debut next month was meant for people like Juanita Stonebraker, 63, from Oakland, Md., who retired from her job in a hospital billing office a year and a half ago. She was able to continue her health insurance coverage from the hospital for a time, but when she tried to find an individual policy on her own, none of the insurers she contacted would cover her because she was diabetic (Abelson, 9/9).

The Medicare Part D Coverage Gap: Costs and Consequences in 2007

Conducted by researchers at Georgetown University, NORC at the University of Chicago and Kaiser, the study found evidence of patients changing their use of prescription drugs when they are required to pay the full cost of medications in the coverage gap. Across eight classes of drugs examined, used to treat a variety of relatively common chronic conditions, 15 percent of Part D enrollees who reached the gap stopped their drug therapy for that condition, five percent switched to another medication in the class, and one percent reduced the number of drugs they were taking in the class.

Open Enrollment in Medicare Ends Dec 7

Option for covering things Medicare does not –The third party insurance companies can be expensive. But you do have an option for covering health costs. One option seniors have to cover healthcare costs is a reverse mortgage. In fact covering health costs with a reverse mortgage is one of the top reasons seniors are choosing the reverse mortgage program.