Some claims are so bizarre, they seem to debunk themselves. The claim that the U.S. government wants to set up death panels to encourage the elderly to consider euthanasia is just such a claim.
Before I begin, I want to make this clear: the closest thing that ever existed to a death panel are the medical insurance companies. If you have an serious condition requiring expensive medical care, they will try to bump you off to save money. If you have an existing condition, prepare to get denied medical insurance.
So, the claim is that the health care reform bill (H.R. 3200) would set up a counseling service for the elderly that would suggest euthanasia to help reduce the burden on Medicare. What they are supposedly referring to is the "advance care planning consultation" provision. This provision has nothing to do with euthanasia; in fact it's not even mandatory.
The advance care planning consultation would allow elderly patients to brainstorm on how they would like to be treated in the event of a serious illness affecting their ability to make medical decisions. Euthanasia is not an option.
In fact, the point of these consultations are to prevent suicidal desires in elderly patients.
For a more detailed explanation, see the snopes.com article on the subject: http://www.snopes.com/politics/medical/euthanasia.asp