There are ads on television today that are simply terrifying for seniors, informing people that the new health care reform act will virtually eliminate care for seniors or that it will severely limit end of life care. An important thing for all seniors to realize, however, is that this is not the case. The health care reform act will work to make Medicare more efficient, but the aim will be reached by lowering costs and increasing reimbursement to seniors for their policy premiums. Additionally, any insurance plan that you have and are content with will be able to remain in effect. The new act works only to help those without insurance or who are seeking a more affordable insurance policy.
While the scare tactics seem to be working, they are also creating a sense of panic in a group of people with no reason for panic. It is very important to realize that the act does not impose any sort of waiting or weeding out process for needed health or end of life care. While there is some talk of rationing, or determining what procedures are needed and which ones are elective, this is a policy that all insurance companies have used for years and will not be targeted at seniors.
When the health care reform act is enacted, most seniors will notice little change outside of lower or reimbursed premiums. The truth is that you will still receive quality and timely health care and that all needed procedures that were covered before will still be covered. The reform act is not about taking privileges away from anyone, and is designed to help those without insurance and those with too little insurance. Medicare and the new health care program are as committed as ever to prolonging life and to caring for all citizens, and the new bill will do nothing to change this.

Under the law, any money you donate to charity from your IRA will count toward the annual withdrawals you’re required to take from these accounts after reaching age 70½.

If you itemize your deductions, you’ll also come out ahead. That’s because taxpayers whose adjusted gross incomes exceed certain thresholds lose some of their deductions and personal exemption amounts. By not adding $1,000 to your income, this gift might help you keep your income below these levels.

Those in a position to take advantage of the IRA Charitable rollover include those:

· who are already giving at their deduction limit

· whose income level causes the phase-out of their exemptions or itemized deductions

· for whom additional income will cause more of their Social Security income to be taxed

· who wish to remove up to $100,000 from their taxable estate

Take advantage of giving opportunities like the above or through donating the proceeds of a life insurance settlement.