Medicare is largely, but not completely protected from the ?fiscal cliff? cuts that could come at the beginning of next year. Congress and the White House are working diligently to forestall the pending budget cuts and tax increases that have brought us to the cliff?s edge. If they fail, Medicare service providers will face a 2 percent reduction in reimbursements. That represents $11 billion of the $109 billion in across-the-board spending cuts for 2013 known as sequestration.
This would be in addition to a separate and much larger cut in Medicare reimbursements for doctors that hits with the new year if Congress doesn?t hit another set of brakes. An annual increase in Medicare spending that outstrips economic growth is supposed to trigger a 27 percent decrease in doctors? reimbursement rates.
Congress has failed to deal with the problem permanently due to a long-term fix that would cost $271 billion over 10 years ? a politically unpalatable addition to the federal budget deficit.
Although Medicare beneficiaries are supposed to be shielded from direct impact, there are two ways the provider cuts could trickle down:
- The failure to pass a ?doc fix? and stop the massive spending cuts ? resulting in a total cut of 29 percent in Medicare payments to doctors ? could deter some doctors from treating Medicare patients.
- Because insurance companies that offer Medicare Advantage plans and prescription drug coverage are also among the providers whose reimbursements will be cut 2 percent, they could compensate for the cuts by raising premiums.
Read more:
http://blog.aarp.org/2012/11/21/medicare-its-not-exactly-a-cliffhanger-but/?sf7421268=1
Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas ofestate planning, business, probate, veterans benefits & Medicaid planning. Follow Christopher on Twitter@chrisberryesq.
Source: http://michiganelderlawcenter.com/medicare-its-not-exactly-cliffhanger-but/
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