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Insider’s Report: Medicare’s Solvency Extended by Five Years
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As we wrote to you about recently, the Medicare Trustees project that the program’s Part A (Hospital) fund will be able to pay 100% of scheduled benefits until 2036 — a full five years later than the trustees estimated last year.
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Despite this great news for the program, it’s clear Medicare
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needs to be strengthened and improved. But Republicans in Congress want to cut benefits and fully restore the price gouging powers of drug company executives, instead of bring more revenue into the Medicare program, and expand the privatization of traditional Medicare.
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Despite this great news for the program, it’s clear Medicare needs to be strengthened and improved. But Republicans in Congress want to cut benefits and fully restore the price gouging powers of drug company executives, instead of bring more revenue into the Medicare program, and expand the privatization of traditional Medicare.
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Of course, critical drug pricing reforms passed in the last Congress and signed into law by President Biden will save Medicare billions of dollars and help lower seniors’ prescription drug costs.
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On the flip side, Medicare Advantage (MA), which many Republicans want to dramatically expand, is draining the Medicare program’s finances. Private MA insurers have been overbilling Medicare to maximize their own profits, including dishonest practices such as “upcoding” and wrongly denying patients’ pre-authorizations claims for treatment and services that are routinely covered by traditional Medicare.
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Here again the Biden administration has taken corrective action — updating rules to hold MA plans accountable, reducing overpayments to insurance companies, and increasing transparency, including those misleading Medicare Advantage television ads.
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The Trustees also reported that the standard Medicare Part B premium will rise next year to $185 per month — a $20 or 6% monthly increase.
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“Any premium increase is a burden to seniors living on fixed incomes, who too often must choose between paying monthly bills or filling prescriptions and getting proper health care. Seniors need relief from rising premiums and skyrocketing out-of-pocket health care costs. Fortunately, the Biden administration is taking steps to reduce those costs.” –Max Richtman, NCPSSM President & CEO
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As GOP hardliners continue to use soaring budget deficits as an excuse to slash Medicare and radically change this program, the National Committee is calling on Congress to enact common sense solutions to help shore up the Medicare program for the future. Those include going further than the Inflation Reduction Act to rein in the power of Big Pharma to price gouge seniors and stopping the expansion of Medicare Advantage plans which cost more and provide less coverage than traditional Medicare.
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Please add your name to our Urgent Petition to Congress to Protect and Strengthen Medicare today!
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is:
I am being penalized under Medicare Part B by paying 20 percent more per month in premiums than I would have paid had I applied for Medicare at 65 instead of 68, even though I was covered by my employer's health insurance. This doesn't seem right to me. Comments?
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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NCPSSM President Max Richtman discusses Social Security's financial challenges on the local NPR program Cincinnati Edition, along with financial counselor Michelle Abernathy of Smart Money. (May 29, 2024, WVX News, Cincinnati, OH, Audio clip)
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Listen Here →
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Opponents of the Biden administration's new staffing rule for nursing homes choose to ignore decades of research showing that residents are safer and healthier when there are more staff keeping their eyes on them, helping them, talking with and comforting them. Ignoring those facts is proof that for too many nursing home operators, caring for your loved ones is their business, not their concern. (May 31, 2024, Des Moine Register, John Hale and Terri Hale)
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Read Here →
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Polling consistently shows that Americans prefer raising new revenue for Social Security and Medicare, and I’d agree. Democrats typically advocate for raising taxes on the wealthy, while Republican lawmakers want to fix the problem by cutting benefits, writes columnist Mark Miller. (May 23, 2024, Morning Star, Mark Miller)
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Read Here →
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Blogger Phil Moeller writes: "I want to put a human face on last week’s piece about the serious administrative challenges faced by the Social Security Administration. It is charged with providing vital benefits and services to more than 60 million older and disabled U.S. citizens, a number that does not include family members who also rely on the agency." (June 3, 2024, Aging in America, Phil Moeller)
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Read More →
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After the death of a spouse, a surviving spouse can generally begin to claim Social Security survivor benefits as early as age 60 — although the benefit will be reduced based on the number of months remaining until the survivor reaches full retirement age. (May 28, 2024, Think Advisor, John Manganaro)
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Read More →
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Medicare Advantage enrollees report treatment denials and delays in payment, leading to harmful outcomes in healthcare. (June 3, 2024, The Guardian, Michael Sainato)
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Read More →
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In mid-March, the Medicare Payments Advisory Commission (MedPAC), which advises Congress on Medicare policy, made a bombshell disclosure in its annual Medicare report. The rebates that Medicare offers Medicare Advantage plans for supplemental benefits like vision, dental, and gym membership were at “nearly record levels,” more than doubling from 2018 to nearly $64 billion in 2024. (May 30, 2024, American Prospect, Matthew Cunningham-Cook)
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Read More →
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