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."

Many Medicare recipients are happy with the coverage the plan offers, according to survey data released by Extend Health.

The survey of over 500 retirees found that 85 percent are either "very" or "somewhat" satisfied with Medicare. One of the top reasons retirees said they are satisfied with the plan is that they experience fewer billing and payment issues than they did with other forms of health coverage.

"Retirees on Medicare have long been among the most satisfied of all Americans with their health insurance coverage, and after 45 years of Medicare, we now know that two-thirds of retirees like Medicare as much or more than the group plans provided by their former employers," said Extend Health CEO Bryce Williams. "This is important information as large employers consider how best to honor their commitments to retirees for health benefits."

As of 2007, the Centers for Disease Control and Prevention says that there were 37.9 million people in the United States over the age of 65, the age at which a large number of people aim to retire and receive Medicare coverage.

Getting older isn't easy for many people, especially when it means possibly having to leave their home for a long-term care facility. However, those wishing to live independently stand to get some extra financial assistance to do so.

The Centers for Medicare and Medicaid Services is giving $2.25 billion in grants to help people go from a nursing home to their own home or small group setting. Currently, 29 states and the District of Columbia have "Money Follows the Person" programs, which are meant to help states manage their long-term care systems.

"The Money Follows the Person Rebalancing Demonstration has been critical to our efforts to deliver on the promise of the Americans with Disabilities Act and expand access to community living services," said Health and Human Services Secretary Kathleen Sebelius.

Many people end up living in a nursing home because of health conditions. A 2004 survey by the Centers for Disease Control and Prevention reveals that there were over 16,000 nursing homes in the country. At that time, approximately 1.5 million people made those facilities their home.

Cutting Medicaid funds designated for nursing home care puts patients and jobs at risk, says the Texas Health Care Association.

THCA president Tim Graves cited the government's $15 billion cut in Medicaid as more than enough during a meeting with the Texas Department of Aging and Disability Services.

"The impact of continued Medicaid and Medicare funding cuts is a growing squeeze on Texas seniors' care benefits," says Graves. "This funding squeeze is also impacting providers' ability to recruit and retain quality caregivers. In addition to putting key frontline care jobs at risk, the worsening Medicare and Medicaid cost squeeze inhibits facilities' continued investment in cost-effective care, and is directly at odds with our state and national health policy goals."

A large number of people rely on Medicare to cover their health expenses. There are over 2.9 million Medicare beneficiaries in Texas, according to the Kaiser Family Foundation.

As the population continues to age, more money will be needed to help care for sick patients. Additional cuts will further squeeze the system, THCA points out.