The fiscal cliff not only affects your financial health, but it can also affect your physical health. Changes to Medicare and other health-related programs can impact these aspects of your wellbeing tremendously if decisions are not made in Congress soon.
This issue was recently taken up in a CNN article titled, “10 ways falling off the fiscal cliff could hurt your health.”
According to the Congressional Budget Office, if the fiscal cliff is not avoided, the scheduled reduction in Medicare’s payment rates for physicians will lower Medicare spending by $11 billion. This overall spending reduction results in a 2% cut in existing Medicare budgets. Consequently, these reductions will mean a decrease of available Medicare funds to help pay for essential healthcare needs.
In many instances, Medicare funds are used to pay for vital services like nursing home and hospice care, which are crucial to the wellbeing of our elderly population. Reduced Medicare funds mean reduced payments to health care providers which, in turn, may cause hospitals and care providers to stop accepting Medicare patients.
In preparation for the impending fiscal cliff, a consultation with an experienced elder law attorney can ensure that your access to healthcare is protected.
Have you or your elderly loved ones got your affairs in order by updating your Will and Trust so that your home and cash assets are protected from Medicaid and nursing home liens?
To register for a free estate planning workshop at the learning center go here: http://www.myfamilylifeplan.com/workshops-Registration-Form.php
If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
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This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: CNN (November 30, 2012) “10 ways falling off the fiscal cliff could hurt your health”
Congressional Budget Office (May 30, 2012) “Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013”