Have you been listening to the countdown on Medicare’s anticipated expiration date? Estimates of when Medicare will run out of money as the number of baby boomers taking money out exceeds the number of younger people paying into Medicare are finally turning around. The Affordable Care Act that was signed into law this March is expected to strengthen and extend Medicare benefits.
This Act gave the Medicare Trust fund a 12-year extension to keep Medicare viable into 2029. (At the beginning of 2010, some Medicare benefits had been projected to run dry in just eight years.) The Act saves Medicare by reducing abuse, fraud and waste to slow down cost growth. President Obama committed to cut Medicare fraud in half by the year 2012. PolitiFact.com has been tracking 505 promises made while campaigning, and reports that Obama kept or began working to keep about 400 of these within the first year of his Presidency. His commitment to cut Medicare fraud is expected to return future savings in terms of Medicare’s co-insurance and Part B premiums.
Now that there’s real hope for Medicare to continue to protect seniors against overwhelming health care expenses, it’s more important than ever to understand exactly what Medicare actually does pay for and when you need extra help. Just what are Medicare Supplements? Original Medicare can be combined with other forms of health insurance, and the main two categories that seniors turn to are Medicare Advantage plans and Medicare Supplement plans (Medigap insurance).
As government subsidies for Advantage plans decrease, rising premiums are expected to spell the end for many Advantage plans, but Medigap plans have been bolstered with two new plans released in June of 2010. If you’re confused about what Medicare is covering and what you could end up paying for out of your own pocket, visit our website to see what’s missing from Medicare and how Medigap plans fill those gaps. Want a more personal touch? Just give MediGap Advisors a call us at 866-323-1441 for professional assistance to compare plans to your needs. These experts are licensed agents who have worked with Medicare for years. They can give you an unbiased opinion about how you can save the most on Medicare’s co-insurance, co-pay and deductible charges.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.