Medicare Monitor
The Palm Beach Post's veteran Washington correspondent, Larry Lipman, tracks policy makers and interest groups who are shaping the future of the federal health insurance program for the elderly.Medicare Web Resources
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Medicare is the federal health care system that covers about 36 million people age 65 and older, plus 7 million disabled. It has four parts:
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Financed by Medicare and beneficiary premiums, which vary among plans.
The plans are private and financed by Medicare and beneficiary premiums, which vary among plans.
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Home > Medicare Monitor > Archives > 2008 > May > 01 > Entry
Nursing home industry predicts cuts could jeopardize jobs, wages and tax revenues
Touting an analysis from the Lewin Group, the nursing home industry warns that an anticipated $720 million cut in Medicare nursing home payments would have a huge economic ripple effect on the economy.
Bruce Yarwood, the American Health Care Association president and CEO, said a projected Medicare rule would “not only threaten seniors’ access to quality care nationwide, but will also negatively impact the economy and employment base.
“From our perspective, and as the data confirms, the CMS-driven ‘Forecast Error’ Medicare cuts represent a ‘lose-lose’ proposition for seniors’ care needs as well as the U.S. and local economies,” Yarwood said. Medicare annually adjusts payment rates to reflect what it calls forecast errors.
According to the Lewin Group’s report, the proposed rule could have an economic impact of $4.2 billion in the first year, result in the loss of more than 40,000 jobs nationwide, cut wages by $1.6 billion and trim $618 million from already sluggish state and federal tax revenue.
“On every level, the CMS actions cutting Medicare funding are conceptually flawed,” Yarwood said.
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