Medicare and Affordable Care Act

By Jennie L. Phipps · Bankrate.com

If you’re a Medicare recipient and living in retirement, you don’t have to worry too much about the troubled Affordable Care Act, the health care law often referred to as “Obamacare.”

Here are five key points about the law and Medicare from the Kaiser Family Foundation, a nonprofit health care research organization that has been providing reliable information about health insurance reform:

  • People with Medicare can’t sign up for health care plans sold in the Obamacare exchanges or marketplaces. Insurers are prevented from selling marketplace plans to people known to have Medicare.
  • The Affordable Care Act tax penalty that takes effect next year for people who don’t have health insurance does not apply to people covered by Medicare.
  • People on Medicare are not eligible for premium tax credits, the Obamacare subsidies that cut the cost of health insurance. These credits can be used only to purchase insurance plans in the exchanges.
  • Medicare is not sold through the marketplaces. Medicare participants should enroll through Medicare.gov, by calling 1-800-Medicare, or by talking to an insurer who sells Medicare Advantage or Medigap plans.
  • Medicare open enrollment does not coincide with the Affordable Care Act enrollment period. Medicare open enrollment ends Dec. 7 for current enrollees who want to change their plans. Otherwise, you can enroll in Medicare within three months of your 65th birthday. Factor that schedule into your retirement planning.

Obamacare Medicare enhancements

Health reform has resulted in some improvements to Medicare. The Kaiser Family Foundation points out that the law: Click here to read the rest of the article.

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