Monday, January 27, 2014

The 4 Ways Health Care Has Changed For Your Retirement Fund

Most retirees depend upon Medicare for health care. The Affordable Care Act made changes that continue to go into effect throughout the rest of the first quarter of the century. Your retirment fund should be on the forefront of your mind and every aspect should be accounted for. For many senior citizens the changes affect how much of their retirement fund is allocated for medical care. Although there are many changes, four stand out in particular.

Preventative Services

Medicare insurance companies have to provide some preventative checkup services for free that required a co-pay in the past. Mammograms and colonoscopies are two of the screenings now completely covered. A yearly check-up is now also included as part of the free service. However, to pay for the new services many insurance companies are cutting other services that they were not required to pay for but covered as part of their marketing. For example, many Medicare enrollees no longer have free access to health clubs through their policy. The key here is to remember that changes have been made and to fully research what you are covered for exactly. 

Pharmaceutical Drugs

Greater access to pharmaceutical drugs at a discounted price is part of the ACA. The “doughnut hole” is being discarded, which can save many seniors several thousand dollars a year. Seniors can continue to use an ongoing drug treatment program without fear of running out of money halfway through. A greater percentage of coverage has gone into effect for both brand name and generic drugs. 

Medicare Advantage

Those who are on Medicare Advantage may feel that they have lost the advantage the program provided. Known for its low cost care, the program is suffering under the ACA. Many insurance companies are raising the cost for the program, and the services it provides. It has become much more competitive with the standard Medicare Part B supplement program. Many seniors are finding it financially wise to meet with a Medicare insurance agent to compare plans and finding the best option for them. 

Dental Care

The greatest change is one that did not happen in spite of the desires of many seniors. The ACA did not provide any additional coverage for dental care. Medicare does not cover any treatment for the general health of the teeth, leaving seniors to handle expensive bills on their own. Fortunately for them places such as Ivory Dental Centre exist to provide excellent care for reasonable fees. Many dental practices also extend credit to help patients with extensive bills.

Managing retirement and health care remains a juggling act. The changes to Medicare make part of the task easier, but care is needed to understand all the options. Make sure you contact your insurance representative and ask if the changes made will affect you and make sure you fully understand everything that is going on with your funds. Preparation is going to be needed as you enter retirement, make sure nothing goes unnoticed.

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