Health Care Reform Act: Good News for Seniors

The Office of the Assistant Secretary for Planning and Evaluation (ASPE) has released a report that demonstrates the benefits senior citizens are expected to receive as a result of new health care reform. The average senior citizen enrolled in “traditional Medicare” will save roughly $3,500 over the next decade, according to Senior Journal. The mechanism for these savings will be The Affordable Care Act (the Act).
In addition, seniors who rely on expensive medication may save up to $12,300. This information was propagated originally by the U.S. Department of Health and Human Services.
Secretary Kathleen Sebelius noted the positive influence on “some of our most vulnerable citizens,” by stating that the Act will strengthen Medicare. This will be achieved in part, by reducing the expansion of cost-sharing in Medicare.
Where will the cost savings come from? The largest portion of the savings is expected to derive from the closing of the Part D coverage gap. Read more about the Part D coverage gap (also referred to as “the donut hole”) here.

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About Evan H Farr, CELA, CAP

Evan H. Farr is a 4-time Best-Selling author in the field of Elder Law and Estate Planning. In addition to being one of approximately 500 Certified Elder Law Attorneys in the Country, Evan is one of approximately 100 members of the Council of Advanced Practitioners of the National Academy of Elder Law Attorneys and is a Charter Member of the Academy of Special Needs Planners.