Middle-Income Retirees Weigh In on the Affordable Care Act

Virtually all middle-income retirees have heard of the Affordable Care Act (ACA, frequently referred to as Obamacare), yet half are still not confident that they understand how the ACA affects them personally. Middle-income retirees want and need resources to understand how the Affordable Care Act will affect their health care situation.

To help fulfill this need, the Bankers Life and Casualty Company Center for a Secure Retirement sent a series of affordable care act survey questions to a group of middle-income retirees to determine their confidence in understanding the affordable care act and how it affects them. We compiled the results in a research paper on the affordable care act, sharing the perceptions of the ACA from the perspective of middle-income retirees.

Our findings explore topics such as:

  • Affordable care act and early retirement
  • Health care costs for Baby Boomers
  • Financial challenges of healthcare reform
  • How pre-retirees are planning for health care costs in retirement
  • And more

It’s our hope that this survey on the ACA helps retirees better understand their options and better equip themselves to face financial in challenges in healthcare.

Survey on affordable care act

 

Key Findings

Most middle-income retirees feel that the following program benefits are the best when it comes to planning for health care costs in retirement:

  • Eliminates pre-existing condition exclusions (68%)
  • Offers a free Medicare annual wellness screening (60%)
  • Includes initiatives to make Medicare more efficient (60%)

Half of all retirees (52%) who responded to our affordable care act survey questions say the worst aspect of ACA is the law’s requirement that individuals own health insurance or pay a penalty.

Nearly all (96%) middle-income retirees who contributed to our research paper on the affordable care act have heard of the Affordable Care Act. However, half (49%) are still not confident that they understand how ACA affects them personally.

Among the least understood individual provisions of the ACA are two that may significantly impact retirees. One in six retirees are “not familiar” with the fact that ACA caps health insurance premiums for older people relative to rates for younger people (18%) or that it will close the Medicare Part D prescription drug donut hole (18%).

More than four in ten (42%) middle-income retirees age 55 to 64 indicate while planning for health care costs in retirement either have or will investigate the cost of health insurance through a state health insurance exchange.

Nearly nine in 10 (86%) of middle-income Americans with Medicare indicate they have had a free wellness visit within the past 12 months, a benefit that was first introduced in under ACA in January 2011 in order to help alleviate financial challenges in healthcare.

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