Most people live their lives not really involved in what the government does. We tend to say congress will take care of us. Well, when Nancy Pelozi said 'You must sign the bill to see what's in it' she was assuming everyone thought the bill was in the best interest of the people. Maybe not.
In recent articles from 'The National Association for Hospice and Home Care', projections show that by 2017 72.9% of all hospice and home care providers (nationwide average) will be operating at a loss, getting paid less than the cost of care. Michigan is showing 77.2%.
Robert Moffit, senior fellow at the Heritage Foundation's Center for Health Policy Studies, explained that Obamacare has long been predicted to cut hospice services by $17 billion. "This is the report delivered on July 24, 2012, by the Congressional Budget Office", Moffit explained. "There's no excuse for people being surprised by any of this."
It is expected that premiums will increase in 2017. 77 Million Americans born between 1946 and 1964 will see significant changes in 2017 thanks to provisions in the Obamacare bill. Just thought as agents As 2017 approaches, those on Medicare will begin to realize Obamacare had some provisions that will seriously affect them. Guess you could say it wasn't really hidden, just buried in the bill.
Here's what's happening. The difference between the benefits promised and the taxes actually paid into Medicare is already underfunded by at least $23 trillion, and if that trend continues, Medicare could go bankrupt much earlier than estimated (2030).
Mr. David Walker, former U.S. comptroller general and CEO of the Comeback America Initiative said "The retirement of the baby boom generation will bring a tsunami of spending that will cause a severe problem for the federal government's budget."
You have all heard of 'The Death Panel'. Before the passage of the Affordable Care Act (ACA), in 2010, the U.S. Congress had to approve any proposals that would affect Medicare payment rates and program rules. But that will change in 2017, as the
Affordable Care Act created the Independent Payment Advisory Board (IPAB), a 15-member panel that would be empowered to propose changes if Medicare exceeds spending growth thresholds. The IPAB's proposals are intended to extend the solvency of Medicare, and slow Medicare cost growth. It's likely the Medicare recipient will be affected since less money will be available to keep them alive.
Also, it's expected that in 2017 Medicare payments to Medicare Advantage plan administrators will be reduced.
Be prepared as we approach the end of 2016 as your client will look to you for help in overcoming the changes to Medicare.