Beginning
October 15th, seniors can shop for prescription drug or Medicare
Advantage managed-care plans in online exchanges allowing them compare features
and prices. Although very similar to the Obamacare insurance exchange that
launches on October 1st, it is not the same and is causing confusion
among some seniors.
A
recent survey by Medicare prescription drug plan provider Express Scripts
found that 20 percent of seniors think they can enroll in a medical and
prescription drug plan through a health insurance exchange. And 17 percent
think health exchanges could replace their Medicare plan altogether.
Some seniors on
Medicare are wondering how the Affordable Care Act will impact them. The short
answer is that there will be no impact. For those already on Medicare, there is
no need to use the Obamacare health
insurance exchanges. It is actually illegal for insurers to sell an
exchange policy to anyone on Medicare.
Although seniors
will not directly access plans or services through the Affordable Care Act, it will
have an impact on retirees by making important improvements to Medicare. The catastrophic-level
coverage gap known as the "donut hole" will shrink and seniors will
now be entitled to a free annual preventative check-up.
And if a senior
is not eligible for Medicare because of age or work history, the Affordable Care
Act will make it easier for them to access coverage. For those younger than 65
or who did not work for at least 10 years in a job requiring payroll taxes,
they will have access to coverage through the Act. For those in this group, the law will prohibit
insurers from denying coverage for pre-existing conditions and lifetime limits
on coverage will be removed.