The new healthcare law puts a little power behind Medicare and expands access to health insurance. Here’s a closer look at how Medicare will become stronger:
- Bye-bye donut hole. The coverage gap known as the donut hole will shrink until it’s gone. The amount you pay after you and your drug plan have reached the limit, will decrease each year until you have complete coverage by the year 2020.
- Drug discounts. You can receive a 50% discount on brand-name drugs and a 7% discount on generics if you hit the donut hole.
- Improved care. There is renewed and enthusiastic focus on coordinating and improving your quality of care.
- Limits on Medicare advantage. Protections have been put in place to make sure Medicare advantage providers spend more on health care and less on administrative costs and non-essential expenses.
- Crackdown on fraud. More than $350 million has been allocated to identify and prevent fraud. The savings should be passed on to you.
For more information about how the new healthcare law will strengthen Medicare, contact Medicare at 1-800-633-4227 or www.medicare.gov.