How will Obamacare Impact Medicare Advantage?
Obamacare will have a significant impact on Medicare Advantage, starting in the 2014 plan year.
Seniors should be cautious when considering staying on their existing Medicare Advantage plan, as many of the plans now have a different (higher) maximum out-of-pocket costs. Many plans have gone from $3,400 maximum out-of-pocket per year up to the max: $6,700 out-of-pocket.
This means if you have a catastrophic health event that requires multiple hospitalizations, doctor visits, physical therapy treatments, etc. these costs can quickly add up to the maximum, $6,700 before you are done with the cost sharing on the Medicare Advantage plans.
If this health event happens late in the year, you can see the reset of the $6,700 limit on January 1, meaning that you are on your own to hit that limit again, fully, before the health plan takes over all costs.
See these videos on the impact of Obamacare on Medicare Advantage:
These are specific ways that Obamacare will impact seniors on Medicare:
Seniors seeking to drop Medicare Advantage should first check on Medicare Supplement quotes before returning to original medicare.
This is easily done by visiting the Senior Savings Network, a free service to seniors that compares all available Medicare Supplement plans to find the best deal in the market.