Obamacare, also known as the Affordable Care Act or ACA, is a health care reform law that was signed into law in 2010. With the ACA, individuals can shop for health plans in the Health Insurance Marketplace. Individuals who have Medicare do not participate in the Health Insurance Marketplace, meaning Medicare eligible individuals don’t need to sign up for the marketplace or choose a new plan.
Obamacare has impacted Medicare in other ways, including:
Medicare now includes more preventive services at no cost. These include but are not limited to; diabetes screening, PSA testing, mammograms, etc.
Closing of the Coverage gap or “Donut Hole” by the year 2020. Previously, if you hit your prescription coverage gap you had to pay 100% of your drugs while in the gap. Since Obamacare has been in place, each year the discount for brand and generic drugs during the coverage gap has increased. By the year 2020 you will pay 25% for your prescriptions cost while in the coverage gap.
In an attempt to reward companies that offer the highest quality of care, Medicare Advantage plans or part C plans and Part D drug plans, are now given a star rating that ranges from 1-5. These plans are paid by Medicare monthly and now their payment is directly tied to the star rating they receive. Also, plans that receive lower than a 3 star rating (1 or 2 stars) will be flagged on Medicare.gov plan finder tool as a low performing plan. Conversely, plans that receive a 5 star rating get the added benefit of allowing anyone to switch to their plan outside of the Annual Election Period.
With all these new changes to the health care law, you can rest assured that your Medicare supplement or Medicare Advantage plan will not have any negative effects. You also do NOT need to sign up for the Health Insurance Marketplace if you are eligible for Medicare benefits.
For more information about Florida medicare options, give Sun Coast Legacy Advisors, P.L. a call at 888-455-5799 today!