What does Obamacare do to Medicare Advantage? [View all]
In the storm of Obamacare’s rough rollout, Michael Rossi received a letter from his insurance provider saying his policy to supplement Medicare that had no premium was ending; he could enroll in a new one for more than $100 a month.
Rossi didn’t have a lot of financial breathing room. The old insurance plan was quite a perk.
“I really don’t use it a lot, but the things that it did cover saved me some money,” Rossi, a Manalapan resident, said.
With open enrollment ending Dec. 7, Medicare recipients are finding fewer options for their supplemental health insurance through a program called Medicare Advantage.
The shift comes as the federal government pares back the money it provides for the coverage – a money-saving move that is designed to help pay for the Affordable Care Act, popularly nicknamed Obamacare, and cover millions of uninsured people.
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Medicare insurers are canceling Medicare Advantage plans, many of which covered Part D as well. Seniors then have to shop for Part D plans and Medigap plans in order to get equivalent coverage. The remaining Medicare Advantage plans seem to be HMO only with very restricted networks.
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