In a report released this past Saturday, the government agency that administers Medicare and Medicaid detailed the possible impact of cuts proposed in healthcare reform passed by the House of Representatives.  The study states that the proposed $500 billion in cuts would be so severe that hospitals and nursing homes would be forced to stop accepting Medicare as payment. 

The report says that seniors would suffer form additional reductions in benefits and services to pay for the $500 billion in reduced spending. The White House answered back against the report’s findings by saying the reductions would come in the form of reduced wasted spending on fraud and abuse in the system and from administrative savings through such efficiencies as expanded use of electronic medical records.  Democrats also contend that these cuts would extend the life of Medicare a number of years before becoming insolvent. 

As is often the case, both sides are focusing on the aspects of this study that bolster their position in the debate.  But regardless of who is right, one truth is clear—seniors need to be preparing themselves for less and less financial support coming from the government.  The burden to cover the costs of senior housing and long term care will continue to be pushed back on seniors and their families and people should do all they can to prepare for the inevitable. 

To read more about the various points of view on the CMS study, click here.

The U.S. Senate begins debating healthcare reform legislation today.  Critical to the proceedings will be Medicare cuts and its impact on seniors across the country.  Click here to read more about how the votes are lining up.

Senate Democrats were able to hold a filibuster proof 60 vote majority to introduce the Senate verison of heathcare reform legislation for debate and a final vote.  Action on this legislation will begin after the Thanksgiving recess.  Click here to read more about how today's proceedings unfolded.

My grandfather and his three brothers all served in World War II.  My other grandfather served in World War II and Korea.  My uncle served in Viet Nam.  All of them saw active, combat duty and all returned safely except my uncle who made the ultimate sacrifice for his country. 

On today’s Veteran’s Day it is important to take a moment and honor the sacrifices that so many have made, and continue to make today, for this country.   Many of those who have served as young men and women are now seniors.  They gave much to this country and in comparison asked for little in return.  Today, they again are facing great challenges in the form of an unstable economy and a long term healthcare system that can be too expensive for some to access. 

Fortunately for our veterans, there is a financial program offered by the Veteran’s Administration that will help pay for the costs of long term healthcare.  The Veteran’s Aide and Attendance Benefit provides financial support for veterans who served in active combat duty on foreign soil. 

The program work like this: 

VA Aid & Attendance Criteria

· Veteran would have had to serve at least 90 days of active duty with at least one day served during an active time of war.

· Veteran or a surviving spouse (or married couple) would have to have less than $80,000 in assets (excluding a primary residence and a vehicle).

· Veteran or a surviving spouse must spend the financial assistance on out-of-pocket medical expenses.

· Veteran or surviving spouse would need assistance with their activities of daily living.  

2009 monthly Aid & Attendance rates

• Surviving Spouse $1,056

• Healthy Veteran with Sick Spouse $1,291

• Single Veteran $1,644

• Sick Veteran with Spouse $1,949

If the family of a veteran is struggling today with the costs of senior housing and long term care, then accessing this benefit should be considered.  To learn more about how to apply, please send an email to info@lifecarefunding.com or call 888-670-7773 x 1.