As President Obama rolls out his budget this week we will be keeping our eye on articles outlining proposed changes to Medicare. Recently I read an article talking about merging Part A and Part B of Medicare. This would create an opportunity to move more cost-sharing to Medicare beneficiaries by increased deductibles, co-payments, and virtually reducing the progressive changes to preventative care made in 2012. Most people are already straining to cover Part B premiums and some type of supplemental plan and a drug plan (premiums may not be excessive – but often co-payments for drugs can be ). Changes that increase costs for current beneficiaries are undoubtedly going to cause problems for many who are already juggling.
Although many “boomers” are continuing to work after 65, many seniors who are living on a fixed income – already hurt by extended low interest rates- are understandably nervous about Medicare program changes – especially if it includes increased out of pocket costs.
Stay tuned for additional posts as news is released on Medicare changes.