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Not trying to be an alarmist, but I am becoming concerned about the costs of Obamacare to all seniors, How if anything we should be preparing as a senior under Obamacare, Most of us have Medicare Advantage program what is it that we should start preparing for.
Posted by rker321
The effects of Obamacare for seniors will be minimal going forward. Most of the Obamacare provisions affecting Medicare have already taken place. Perhaps the greatest is the cut in funding for Medicare Advantage plans from 114% of the cost of original Medicare to 100% of the cost of original Medicare. As I have stated many times, this reduction does not affect all MA plans and not in all states. MA plans operating in urban counties and in states where the cost of health care is below or at the national average have been funded at 100% of original Medicare for some time. But plans operating in areas where health care costs are considerably higher than the national average or in rural counties will suffer a bit since their reimbursements will be reduced.
Most of the major players in the Medicare Advantage market have adjusted to this reduction in funding and are still offering excellent plans and benefits. Some plans that saw this as a cash cow have left the market or have been absorbed into larger companies. In addition the ACA also mandates better quality standards for MA plans and offers financial rewards for those best performing plans.
Already some poor performing plans have exited some markets. One consistently poor performing plan is exiting the Ohio market entirely at the end of this month. But to no one's despair; if someone is enrolled in that plan, they have a special enrollment period of up to 90 days to enroll in another plan. That has boosted my enrollments this past couple of months and I expect that to continue into July as those enrolled in that plan learn that they have lost their MA benefits. That plan made that announcement back in December and ceased marketing at the close of last fall's annual enrollment period. Then they laid off all their marketing reps. One rep I know became an indpendent rep like myself and has had a field day going out and replaceing everyone he enrolled in that plan.