Happy 48th Anniversary to Medicare!

Medicare provides access to health care for millions of seniors and those with disabilities. Nearly 50 million Americans—15 percent of the nation’s population and growing—depend on Medicare for health security.

New information released this week by the Department of Health and Human Services (HHS) shows a strong Medicare program:

  • Over 6.6 million people with Medicare have saved over $7 billion on prescription drugs as a result of the Affordable Care Act.
  • Prescription drug savings have averaged $1,061 per beneficiary in drug costs while a beneficiary is in the “donut hole” coverage gap that the law closes over time. 
  • 16.5 million people with traditional Medicare took advantage of at least one free preventive service in the first six months of 2013.
  • Recent changes in the new health law have also added additional protections to curb fraud and abuse and extend the life of the Medicare Trust Fund. 

“Medicare is much stronger as a result of the health care law,” said HHS Secretary Kathleen Sebelius. “Spending has slowed to historic levels, as seniors are enjoying enhanced benefits and greater savings on drugs.”

Medicare does face financial challenges and AARP is calling for responsible, commonsense solutions that would help ensure Medicare’s continued success, including fair prescription drug prices and ridding Medicare of waste, fraud, and abuse. AARP released the first in a “commonsense solutions” series on the 48th anniversary of President Lyndon Johnson signing Medicare into law on July 30, 1965.  Click here to see the video.

This year, Medicare Open Enrollment is October 15- December 7, 2013. Just as you are planning for the Open Enrollment Period, you should plan for your future and for your loved ones. If you have not done Estate Planning or Incapacity Planning (or had your Planning documents reviewed in the past several years), or if you have a loved one who is nearing the need for long-term care or already receiving long-term care, call The Fairfax Medicaid Asset Protection Law Firm of Evan H. Farr, P.C. at 703-691-1888 to make an appointment for a consultation.

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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.