Limiting the Deductible on OTC Meds

While it’s only a glint in someone’s eye right now, the government is toying with the idea of barring pre-tax health spending plans from giving money back to patients for their over-the-counter drugs.

Think about that idea for a minute and see what kind of conclusions you come up with. Chances are you won’t be too impressed with the plan, as it will cut into your budget. It’s a given that it would also have an impact on people who want to buy a Medicare supplement plan and chances are it will affect health insurance quotes, too.

If this proposed legislation makes it through the Ways and Means Committee, the modifications will mean transforming the practices and the benefits of employer-sponsored and private health care. If you are about to buy a Medicare supplement plan, then you need to begin asking some very pointed questions before choosing a plan. If you want affordable health insurance, take the time to educate yourself about your options.

More than any other proposed change, this one has raised the hackles of a lot of people. The debate and controversy centers around two points of view. The first group of people believes they should sacrifice a portion of their insurance; that it may be beneficial to do so. The other side sees this proposed legislation as infringing on not only individual rights, but making a dent in people’s savings. The financial part of the great debate is the most important one to seniors who have limited income and are now looking at the possibility of shelling out more for less when it comes to health care. Their main concern is affordable health insurance plans.

Yes, the legislation aims to downsize Medicare benefits, however it also provides for Medicare supplements to pick up the slack – to compensate for those limits. There would definitely be boundaries on the supplement packages, but it appears that the major portion of the cut-backs will be applied to employer-sponsored Medicare. While that might make some of the changes become more palatable, they are still changes that cause fear in the senior population who are driven by a need for affordable health insurance plans.

Furthermore, if you happen to be financially well off when you retire, you may face a 5.4 percent surtax for couples and singles whose earnings are over $1 million. The government hopes to raise $8.2 billion over the next ten years by doing two things: cutting back on prescription paybacks and hiking taxes for certain medical programs. This will certainly impact health insurance quotes.

When it rains, it pours, and all the changes coming down the turnpike to Medicare have the potential to make health care choices a monumental nightmare. Even if the government creates special accounts to deposit funds for future Medicare expenses, the twists and turns of all the new programs, changes, additions and deletions will make selecting the right Medicare package incredibly painful without the help of an expert insurance agent. Health insurance quotes will take on the surreal nature of too many choices and not enough explanations, without consulting with an expert health insurance agent.

If you’re about to turn 65 or even have a few years prior to retirement, start checking out your alternatives now. Don’t wait until the last minute or the whole process may well overwhelm you.

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