How Retirees Will Suffer Under ObamacareSubmitted by emalvini on Sat, 01/11/2014 - 15:13
Bud Hebeler | Oct 28, 2013
What will the Affordable Care Act mean for retirees?
BUD HEBELER: Retirees will be affected in several ways. Their premiums will have to increase because the Affordable Care Act requires insurance coverage for maternity care (which they don’t need), no caps on the amount the insurers may have to pay, coverage for pre-existing conditions and care of 30 to 40 million people who are not now insured. Of course all of us will have to pay higher income taxes at some point to subsidize the insurance of low income people who will get either cash and/or tax credits. A number of States have expressed concerns about their increased costs for Medicaid recipients, now covering 62 million low-income people and growing. Those costs will have to be passed on through some form of State taxes.
One of the worst consequences is not being able to find doctors who will take Medicare. There is already a shortage of such doctors because Medicare compensation is not only low but often delayed by a year or more so the doctors have to factor their accounts receivable.
The administrative burden on participating doctors increases because the ACA requires more detailed reporting as represented by about a tenfold increase in the number of medical treatments to report.