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Mark Miller: Remaking Retirement

What the Medicare 'Doc Fix' Means for Your Pocketbook

If you're enrolled in Medicare--or will be in the years ahead--here's what you need to know.

The Medicare "doc fix" is in. The question now: What will it mean for seniors' pocketbooks?

President Obama recently signed the most significant Medicare legislation in years--a plan to fix a Medicare formula that threatened to slash payments to doctors every year. The law achieves several positive Medicare reforms, but it will increase some costs for enrollees. The changes are set to be phased in over a period of years, so it's worth understanding the reforms if you're already signed up for Medicare, or will be enrolling during the next decade. The reforms also may change the math on one of the most basic Medicare enrollment decisions--whether to use traditional fee-for-service Medicare or Medicare Advantage, the all-in-one managed-care alternative.