Medicare costs are sucking up much of the federal tax revenue and soon it is likely to get much worse. President Obama’s comments about getting these programs under control will likely mean REAL Medicare and Social Security cuts. Everyone should brace for the potential impact by doing some planning because this will affect each of us in some way, not just the country’s low-income population.

We anticipate the most significant cuts to come from MediCARE, which is the health coverage of almost everyone age 65 and over. So, if you are nearing retirement age, don’t have a plan to pay for health benefits whenever you do retire, or if you have parents or other close relatives receiving Medicare, then you will be affected.

Our advice: look at your plan for future health coverage, talk to your parents and/or relatives about their current coverage and their ability to pay if some coverage is cut, start doing your research now and seek the help of experts. There are some creative ways to plan ahead, within government guidelines, to ensure the security of your health coverage and finances.

For further information regarding these matters, please contact Mr. Trainer at 248.740.5673 or click here to send an email.