A super committee originally was slated to cut Medicare funds by $500 to $700 billion during the next 10 years, the news source noted. Instead, a two percent cut, which equals more than $120 billion over the next 10 years, will occur. The cuts will affect hospitals, insurers, assisted living facilities, and other healthcare-related aspects.
But not everyone is convinced that the two percent cut will be noticeable.
"Two percent is not a lot for Medicare to absorb," Joseph Antos of the American Enterprise Institute, told the news source. "About all that happens is a few more providers, like doctors and hospitals, stop accepting new Medicare patients. It's light compared to what we've seen with really big pieces of deficit reduction legislation in the past, particularly in the 1990s."
However, this could affect a significant number of individuals who already depend on such plans, as well as those approaching retirement.