Obamacare will impact Medicare by reducing the expected rate in growth on Medicare spending by approximately $700 billion over the next 10 years and using those savings to help fund Obamacare. It is important to note that I used the term reduced expected rate in growth as this figure has been characterized or oversimplified by some politicians as a $700 billion dollar cut in Medicare. These are not the same thing.
With that clarification in terminology stated, with the oldest of the Baby Boomer generation already entering their Medicare years the number of people covered under Medicare will increase substantially in coming years at the same time that spending levels on Medicare are being bent down significantly. An increased number of enrollees from a population that has grown accustomed to getting whatever healthcare they wanted whenever they wanted it at a time when the funding for this increased demand is being deflected downward from previous levels will be problematic to put it politely.
Medicare reimbursement levels to health care providers will be further decreased and reimbursement models and approaches are already being changed. Finding physicians who want to accept new Medicare patients has been a growing issue for several years now and this trend has to be expected to increase. First, we have a shrinking supply of physicians to meet this growing demand and treating the Medicare population, which by virtue of their age are higher consumers of health care services, at reimbursement levels that often don't cover the costs of services rendered are and will force healthcare providers to make some difficult business decisions. The implications for the quality of care and access to care for senior citizens are very serious and I expect this will be a source of much lively political debate in the coming years.
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With that clarification in terminology stated, with the oldest of the Baby Boomer generation already entering their Medicare years the number of people covered under Medicare will increase substantially in coming years at the same time that spending levels on Medicare are being bent down significantly. An increased number of enrollees from a population that has grown accustomed to getting whatever healthcare they wanted whenever they wanted it at a time when the funding for this increased demand is being deflected downward from previous levels will be problematic to put it politely.
Medicare reimbursement levels to health care providers will be further decreased and reimbursement models and approaches are already being changed. Finding physicians who want to accept new Medicare patients has been a growing issue for several years now and this trend has to be expected to increase. First, we have a shrinking supply of physicians to meet this growing demand and treating the Medicare population, which by virtue of their age are higher consumers of health care services, at reimbursement levels that often don't cover the costs of services rendered are and will force healthcare providers to make some difficult business decisions. The implications for the quality of care and access to care for senior citizens are very serious and I expect this will be a source of much lively political debate in the coming years.