HOW DOES THE AFFORDABLE CARE ACT IMPACT SENIORS? Part 2 of 2

Pre-Existing Conditions

            All health insurance carriers are prohibited from including pre-existing conditions clauses in their plans.  They are also prohibited from charging varying amounts for coverage based on health, sex, age, or other common factors.  Furthermore, they may not dis-enroll a person for becoming ill.

 Nursing Home Changes

            Patients will be able to access detailed information about nursing homes, including, inspection and complaint reports, how much is spent on patient care compared to administrative costs, number of care hours per resident, and staff turnover rates.  The ACA also makes complaint filing easier and prohibits retaliation for filing one. 

 Funding

            Seniors will fund The ACA by paying a 3.8% surcharge on unearned or investment income of singles with an annual income over $200,000 and couples with an annual income over $250,000.  There will also be an increase in the floor for medical expense deductions from 7.5% to 10% if Adjusted Gross Income.  Finally, working seniors may be subject to the additional 0.9% Medicare payroll tax on high income earners.  This additional tax applies to the excess over the stated limits. 

             Seniors are facing many changes during these susceptible times in their lives and it is critical to rely on knowledgeable resources to help make educated, informed decisions.  Our firm is dedicate dot helping seniors and their loved ones work through these issues and implement sound legal planning to address them.  Get an estate planning “check-up” soon!

Wayne Coulter, Florida Board Certified Wills, Trusts, and Estates