Newtown Square, PA -- (SBWire) -- 02/01/2017 --Repealing the Affordable Care Act (ACA) may significantly raise Medicare beneficiaries' costs and contribute to the decline of the program.
The intention to repeal the Affordable Care Act is making its way through Congress and is a move that president-elect Trump's nominees running the Department of Health and Human Services (HHS) intend to embrace and see to fruition. While there has not been much mentioned about the impact of fully repealing the Act, in-the-know industry watchers suggest it would damage Medicare, raise the costs and contribute to the decline of the guaranteed, fee-for-service program.
Many older Americans are also not aware that there are numerous provisions/pilot projects imbedded in the ACA, which are intended to make medical care less expensive by cutting hospital re-admissions, making doctors more accountable and sharing the cost savings those steps provide. Fraud and abuse of the system would also be dealt with by tougher oversight. Put another way, the results of the reforms that people are not aware of would allegedly result in a more solid financial footing for Medicare, lower operating costs and greater quality of care. Repealing the ACA would mean those changes would never occur.
The intention is to replace the ACA with the "Empowering Patients First Act," (EPFA) drafted largely by Rep. Tom Price, who is to head up HHS in the near future. The EPFA would allegedly operate in a manner similar to a 401(k) plan.
With the profound health care changes facing Americans, now is the time to investigate health insurance plans that make sense. "The insurance industry's response to the changes includes plans with more choices both financially and coverage wise. Waiting until the last minute to discover what the possible changes are would add pressure and stress to an already difficult time in attempting to find health insurance that suits an individuals and/or family's needs," said Clelland Green, RHU, CEO benepath.com.
With forced health care reform removed from the picture, Americans may have even greater choices, thanks to a flexible health insurance industry, in making fiscally possible decisions that protect them. While these changes may not happen overnight, Americans may look forward to interesting changes that may pave the way to a different health care system.
What Happens to Medicare if the Affordable Care Act Is Repealed