In one of the most polarizing decisions in recent history, the Patient Protection and the Affordable Care Act, or ObamaCare, was passed by Congress in March of 2010. This legislation was enacted to give more Americans access to affordable, quality health insurance and to reduce the growth in health care spending in the United States.
But how does that really affect elder care? In a recent poll conducted by Harris Interactive and published by HealthDay, roughly 68% of Americans are worried about how they will afford health care in their senior years. Almost half had no idea how the various medical treatments are covered between Medicare, long term care and private insurance plans.
What everyone can agree on is that elder care and elder care costs are a universal concern, says Howard Gleckman, a fellow at the Urban Institute in Washington, D.C., who focuses on long-term care issues. The truth is, “the problem of how to pay for rising costs of senior care was not addressed in [Obamacare]." According to the poll, less that 8% of Americans currently have private long term health insurance to cover future assisted living or nursing home residencies, home care or out of pocket prescription fees.
In an effort to eliminate misinformation about the Affordable Care Act, ObamaCareFacts,com was launched to explain the impact on the day-to-day concerns of health care coverage for the elderly. Some of the continued insurance policies are:
- ObamaCare will now be covering millions more seniors in terms of prescriptions, preventative care (such as physicals and cancer screenings) and vaccines.
- Since 2012, seniors have receieved a 50 percent discount on brand name drugs and a 14 percent discount on generic drugs
- The ObamaCare Medicare tax increase was .9% for businesses and individuals in the top tax bracket to help pay for the improvements to Medicare
- Medicare beneficiaries are expected to save an average of $4,200 over the next 10 years due to lower drug costs, free preventive services and reductions in the growth of health spending
If you would like more information about your options in caring for a senior in your family, please download our free Family Guide To Senior Care Alternatives.