4 Ways Trump’s New Tax Law Will Affect Older Americans [Morningstar] – “The massive tax and spending bill signed into law this month by President Donald Trump will have a broad impact on the healthcare and economic security of older Americans, especially ones with lower incomes.
The impact of the bill for seniors can be broken down into a few key areas:
Affluent seniors will see reduced taxation of Social Security benefits. But that change is forecast to accelerate the insolvency of the retirement trust fund by one year, to 2032—an event that threatens to trigger a 23% across-the-board cut to benefits.”
Healthcare will be more difficult to access for low-income seniors reliant on Medicaid and Medicare programs designed to help offset costs.
Changes to the Affordable Care Act will make marketplace policies more expensive across all income groups.
Lower payments to healthcare providers will jeopardize the availability and quality of care in nursing homes and rural hospitals, and for home-based long-term care.”