Financial health and physical health can go hand-in-hand. In these trying economic times it is important to make sure your finances are secure, not only for the health of your bank account, but for your physical health as well.
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.
As we prepare for the possible approach of the fiscal cliff, a consultation with an experienced elder law attorney can ensure that your access to healthcare is protected. An experienced elder law attorney also may help file an appeal in the event your health care provider denies your Medicare payments.
Trying to keep up to date on Medicaid, Medicare or any other issues faced by America's Elderly can be a daunting task. At Idaho Estate Planning, we understand these challenges. We have the experience and expertise to help you maintain your options and protect yourself as well as your loved ones now and into the future. Remember, good planning is no accident.