"Obamacare" Might be Good for Boomers

I know what you're thinking.

"Oh, great...more information on the Affordable Care Act? I can't even understand the information I've already read!"

Well, folks if you were born between 1946 and 1964, you should read this - because "Obamacare" may be good for Boomers.

Boomers were shattered by the recent recession, and many have significantly-shrunken savings. This is happening at the exact time they're starting to fall prey to the infirmities of advancing age. Many, as a result of the recession, have gone without health insurance. And those who've had to purchase their own insurance are paying five to seven times as much as younger people. Talk about a perfect storm!

People who retire before 65 are at special risk. They're not eligible for Medicaid, and if they're not on insurance plans from their former employers, they won't get group discounts. In addition, this age group has been hard-hit by denial of coverage for pre-existing conditions - which cannot happen under ACA.

Under ACA, there will be no limit on annual or lifetime benefits, and Boomers will pay no more than three times as much as younger people.

In addition, many Boomers will be eligible for tax breaks, which will be used toward paying part of their insurance bills...therefore lowering their rates. And Boomers who've kept working just so they could keep employer-sponsored insurance may now have the freedom to retire, because costs for individual coverage will be lower.

But it's certainly complicated. And as of this writing, the government has shut down, politicians are screaming, and registration for ACA has started...making everything even more complicated.

But we can help.

At The Law Offices of Alice Reiter Feld & Associates, we're Elder Law attorneys. We know how this new legislation will affect Boomers. In fact, we've been helping South Florida families figure out new legislation - both Federal and state - for the past 35 years. And we've helped them, too, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you're confused about "Obamacare," give us a call. We'll clear it up for you.