What's at Stake in the New Medicare Bill

07/16/08 - 11:30 AM EDT

Gavin Magor

Finally, if you are a military family or veteran receiving medical coverage under Tricare, the new law prevents any cuts to those services because they are paid out at the same rate as Medicare.

The AARP and the American Medical Association had targeted 10 Republican Senators through heavy advertising over the July 4 holiday to lobby for their votes to be changed to support the bill.

Despite this -- or perhaps because of it -- the President vetoed the bill, hoping that the renegade senators could be brought back into line and would not override him.

However, the Republican senators, who in some cases are up for re-election this year, refused to flop after having flipped and -- as we saw -- were joined by more colleagues. They, unlike the president, might have a political future after Jan. 2009.

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Gavin Magor joined TheStreet.com Ratings in 2008, and is the senior analyst responsible for assigning financial strength ratings to health insurers and supporting other health care-related consumer products, including Medicare supplement insurance, long-term care insurance and elder care information. He conducts industry analysis in these areas. He has more than 20 years' international experience in credit risk management, commercial lending and analysis, working in the U.K., Sweden, Mexico, Brazil and the U.S. He holds a master's degree in business administration from The Open University in the U.K.
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