Trump's flagship tax and spending law is expected to have a material (and adverse) impact on America's leading retirement program.

The staggered nature of President Donald Trump’s One, Big, Beautiful Bill Act means its full impact will not be seen for several years.

"The One Big Beautiful Bill obviously covers a lot of different legislation, and within it, there was a section that recategorized who is eligible based on immigrant status for a handful of programs, and that was specifically Medicare, Medicaid, CHIP (Children's Health Insurance Program), SNAP, and marketplace subsidies," Thomas said.