Some thought the phrase "death panel" implied that your were going to go in front of some final judge who would rule on your individual case and you might be able to plead for mercy. Instead the death panel would be a bunch of faceless bureaucrats deep in HHS deciding on whether to reduce the maximum age a diabetic with a BMI of 30.0 could get a quadruple bypass from 65 to 60. Your doctor would punch in a request for treatment into the computer and an unappealable and unspecified rejection would appear. You would never know that you were 3 pounds over some weight limit that you could lose in a couple weeks if (or because) your life depended on it.
Your suggestion is spot on.