Latest information on Medicare supplement insurance cost.
With the presidential elections looming and confusion over whether the Patient Protection and Affordable Care Act (ACA) will remain in affect, seniors have raised concerns over the Medicare supplement insurance cost when the law is fully implemented in 2014. Seniors want to know, will their premiums increase with ACA?
The whole basis of the ACA is to cut out administrative costs that have proved to be wasteful and unnecessary, things such as extra clerks and questionable services and paperwork. These costs are in excess of $176 billion. The Affordable Care Act is an attempt to reduce these expenditures, thereby reducing the cost of health care for seniors.
Besides reducing the cost of health care, ACA will reduce the Donut Hole, that gray area where government doesn’t cover health care expenses. All this should reduce the actual cost of services. This means more, not less, benefits will become available for the same amount of money. Simply put, seniors will pay less for health care, but get more benefits coverage.
The Affordable Care Act became law in 2010, and since that time, there have been several changes in the Medicare Supplement Insurance plans. Several have been discontinued, even though those already enrolled in those plans may continue to use them. Several new Medigap plans have been added.
By streamlining the benefits allowed, and with the reduction in waste associated with the plans, when the ACA is fully implemented in 2014, and the final repeals and proposals to the plans are agreed upon, seniors will find the Medicare Supplement Insurance cost less than they are paying now.