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Saturday April 19th 2014

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What Obamacare Will Mean for Retirees

RetirementStarting on Oct. 15th, seniors can shop for prescription drug or Medicare Advantage managed-care plans in online exchanges that let them compare features and prices. Wait a minute, you’re thinking – online health insurance exchanges? Isn’t that the Obamacare insurance market launch on Oct. 1st? No, these Medicare exchanges are completely different, but they do sound alike – and that is causing confusion for some retirees, who are asking what the Affordable Care Act exchange launch means to them. Here is the short answer: nothing. If your client is already on Medicare, there is no need to use the Obamacare health insurance exchanges; in fact, it is illegal for insurers to sell an exchange policy to anyone on Medicare according to a report  at WealthManagement.com.