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Monday, 7 July 2025

Medicaid cuts and you

07:04

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Also: Where do Americans really retire? ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Jul 7 2025

 

Daniel de Visé Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Millions of Americans who get health insurance through Medicaid will face new hurdles under President Donald Trump 's massive tax cut and spending bill, which includes deep cuts to nation's safety-net health insurance program.

The bill, which is now law, is projected to cut $1 trillion from Medicaid. Here is how you might be affected.

Where do Americans really retire?

Common wisdom suggests older Americans flock to sunny Florida and Arizona to retire. Financial experts urge seniors to consider cheaper retirement states, like Arkansas and Missouri. 

But where do Americans actually go to retire? Not where you think

How much will that wedding cost?

Wedding season is in full swing, and those nuptials can get costly. 

While not everyone can afford a $50 million wedding that makes international news, it's well-known that even more typical weddings can be expensive for everyone involved. Here are the numbers.

📰 More stories you shouldn't miss 📰

Does Medicare cover assisted living and other long-term care?
Mortgage refi applications surge. Here's why.
UPS offers buyouts to drivers
What's the average 401(k) balance?
Costco shoppers urged to check for recalls

About The Daily Money

Each weekday, The Daily Money  delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

Speaker of the House Mike Johnson (R-LA) hugs a fellow members as the House of Representatives meets to vote on H.R. 1, the One, Big, Beautiful Bill Act in the House of Representatives at the U.S. Capitol on July 3, 2025 in Washington, D.C. The House is voting on the sweeping tax and spending bill after days of negotiating with Republican holdouts. The bill will make President Donald Trump's 2017 tax cuts permanent, increase spending on defense and immigration enforcement and   temporarily cut taxes on tips, while at the same time cutting funding for Medicaid, food assistance for the poor, clean energy and raises the nation's debit limit by $5 trillion.

Republicans tax bill will cut $1 trillion from Medicaid and Affordable Care Act insurance plans. Nearly 12 million people to lose health insurance.

A moose forages for food at Schwabacher Landing in Grand Teton National Park in Wyoming.
 

Where do Americans go to retire? Not where you think.

Common wisdom suggests older Americans flock to Florida and Arizona to retire. Not anymore, according to a new study.

Gift bags, paper goods and table decor are showcased at Mindy Weiss for Wedding Paper Divas Bridal Stationery Collection Launch Event at the Lombardi House in Los Angeles on February 25, 2015.
 

Weddings are expensive, even for guests. How much do they spend?

Between gifts, attire, and travel, the costs of even attending a wedding add up. How much guests can expect to spend this summer.

Financial Advisor Talking To Senior Couple At Home Signing Documents Sitting On Sofa  Credit: monkeybusinessimages, Getty Images/iStockphoto  GETTY ID#: GettyImages-177733410.jpg
 

Most Americans think Medicare covers assisted living. Does it?

Most Americans assume that both Medicare and Medicaid cover the costs of long-term care. They're half right.

Mortgage refinancings are up.
 

Refinance applications jump as mortgage rates tick down

Americans saw a chance to save a few dollars on their monthly mortgage payments and took it, pushing refinance applications up 40% versus a year ago.

United Parcel Service's (UPS) newly launched electric delivery truck is seen in Compton, California, U.S., September 13, 2023.
 

UPS offers driver buyouts in historic 'reconfiguration'

The parcel giant said it will offer voluntary buyouts to its full-time drivers as part of the largest company restructuring in its history.

A person at a laptop.
 

Here's the average 401(k) balance today. How does yours compare?

You may be curious to know how your 401(k) balance compares to the average saver's. To that end, Fidelity has some new data. And it may surprise you.

Shopping carts await customers at a Costco store in Arlington, Virginia, ahead of Black Friday 2024. REUTERS/Benoit Tessier
 

Costco recalls wide range of items, from power banks to tires

Costco has flagged nearly a dozen products that have been recalled in recent months.

Senate staffers rest on the U.S. Capitol steps at sunrise as Republican lawmakers struggle to pass U.S. President Donald Trump's sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., July 1, 2025.
 

Will Trump's tax bill help or hurt you? It may depend on your income

Higher earners could benefit most from the tax bill in the short run, but future generations of all incomes would be 'worse off,' per a new analysis.

USA TODAY
 

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