Assuring Medicare’s Promise Act of 2023

Assuring Medicare’s Promise Act of 2023

This bill increases net investment income tax revenues by applying such tax to the trade or business income of certain high income taxpayers and includes the increased tax revenues in the Federal Hospital Insurance Trust Fund.

Bill 118 hr 34, also known as the Assuring Medicare's Promise Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to ensure the long-term sustainability of the Medicare program, which provides health insurance to millions of Americans aged 65 and older.

One of the key provisions of the bill is the establishment of a Medicare Trust Fund, which would be used to finance the program and ensure that it remains solvent for future generations. This trust fund would be funded through a combination of payroll taxes, premiums paid by beneficiaries, and other sources of revenue.

Additionally, the bill includes measures to improve the quality of care provided to Medicare beneficiaries, such as increasing funding for preventive services and expanding access to telehealth services. It also aims to reduce costs by promoting the use of generic drugs and implementing measures to combat fraud and abuse within the program. Overall, the Assuring Medicare's Promise Act of 2023 seeks to strengthen and protect the Medicare program for current and future beneficiaries. It is currently being debated in Congress, with supporters arguing that it is necessary to ensure the program's long-term viability, while opponents raise concerns about the potential impact on taxpayers and the healthcare industry.