As people age, many decide to forgo their individual health insurance plans and opt for Medicare as soon as they become eligible to do so. Many people switch to Medicare because individual health insurance premiums can be high and Medicare offers inexpensive prescription drug plans.

Under the Affordable Care Act, people stand to benefit even more from having Medicare. Recently, U.S. Department of Health and Human Services Secretary Kathleen Sebelius announced that 1 million Medicare beneficiaries have received assistance with paying for their prescription medications.

The government has been helping those on Medicare who fall into the "donut hole" by mailing $250 rebate checks to those who qualify. The "donut hole" is a gap in coverage for those who have Medicare prescription drug coverage and aren't receiving Medicare Extra Help.

"These checks will make a difference in helping seniors continue to get the medications they need, and are one of many ways that the Affordable Care Act is helping seniors," said Sebelius.

According to the Kaiser Family Foundation, prescription medication costs have increased faster than other areas of the healthcare industry.

The healthcare system in the country has undergone some major changes already, with more to come in the upcoming years. One segment of the population that stands to be significantly affected by healthcare decisions is the senior population.

The American Geriatrics Society's Foundation for Health and Aging says that those over the age of 65 average 10 doctor visits per year and that number increases to 15 when a patient reaches the age of 85.

Fortunately, research shows that retirees are happy with their experiences using health care exchanges. Health care exchanges allow consumers to compare insurance plans. A survey from Extend Health found that 85 percent of those who have used a health insurance exchange report being happy with their experience.

Our retiree customers are at the leading edge of what is next in healthcare – individuals with access to health insurance through an exchange," said Extend Health CEO Bryce Williams. "These survey results suggest that the exchanges authorized by health care reform legislation passed earlier this year will be greeted with enthusiasm when they go into operation for individuals and small businesses in 2014."