NEW YORK (CNNMoney.com) -- When you think of low-paying jobs, doctor doesn't usually come to mind.
But with a 21% cut in Medicare payments slated to take effect later this month, physicians who say they are making an OK living may be reduced to income levels that no longer make their profession viable. That's especially true for those still paying medical school costs and other training.
"The cuts will hit me," said Dr. William Schreiber, a primary care physician based in North Syracuse, N.Y.
Schreiber sees 120 patients a week. About 30% of them are enrolled directly in Medicare, while another 65% have private insurance plans that peg their payments on Medicare's rates. Only 5% pay on their own.
As a result, Schreiber expects the cuts to take away $3 out of every $5 he currently earns. And, as a primary care physician, he already wasn't earning anything near the salary of a specialist.
"After the costs of my own benefits are deducted, that will leave me with the equivale
Join us on our
Share this page with your friends
on your favorite social network: