Planning Needed to Safeguard Assets as Medicare Changes Loom in the Debt Talks

The future of Medicare, Medicaid, and Social Security will become a heated topic again this fall as the 12-member Congressional super committee decides how to cut $2.4 trillion in spending by Thanksgiving. Medicare will most likely take the deepest cuts in the second stage of spending negotiations. This is of special concern to baby boomers who continue to retire and seek these government benefits. Questions regarding how long the Medicare trust fund will last, access to doctors, and the Medicare Part D coverage gap are increasing.

People are concerned that as the cuts get passed, Medicare costs for beneficiaries will rise. The Medicare Rights Center advocates that the bipartisan committee should look to raise revenues by doing away with tax cuts and increasing taxes on the wealthiest individuals and companies. “Only by promoting shared sacrifice can we avoid balancing the budget on the backs of older Americans, people with disabilities and their families,” said Joe Baker, the Medicare Rights Center president.

The second stage of spending negotiations will look at changes to Medicare including:

–       raising the age of eligibility, premiums, deductibles, and co-pays

–       changing the means test for income-related premiums

–       decreasing payments to health care professionals and pharmaceutical companies

–       shifting coverage for individuals who can receive both Medicaid and Medicare

–       allowing states to reduce benefits and eligibility

Littman Krooks Elder Law Attorneys and Medicaid Planning Attorneys are at the forefront of helping seniors stay abreast of the changes and how this can affect their health care and financial decisions. Their New York City, White Plains and Fishkill Elder Law attorneys are skilled in tailoring a plan to protect an individual’s assets and estate plan, deal with insurance and government benefit concerns, and properly plan for the future.

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