Medicare Economic Security Solutions Act

Medicare Economic Security Solutions Act

This bill modifies provisions relating to enrollment periods for Medicare medical services.

Among other things, the bill establishes a late enrollment penalty of 15% of monthly premiums and applies the penalty for a period equal to twice the number of months in each 12-month period during which the individual was not enrolled. Currently, the late enrollment penalty is 10% of monthly premiums for each 12-month period during which the individual was not enrolled, and the penalty continues to apply for as long as the individual is enrolled in Medicare medical services.

The bill also expands the special enrollment periods to individuals who have health insurance coverage other than through their employer.

Bill 118 hr 6490, also known as the Medicare Economic Security Solutions Act, was introduced in the US Congress with the aim of addressing economic challenges facing the Medicare program. The bill seeks to improve the financial stability of Medicare by implementing various measures.

One key provision of the bill is the establishment of a Medicare Economic Security Fund, which would be used to provide additional funding for the program. This fund would be financed through a combination of increased payroll taxes on high-income earners and a small increase in Medicare premiums for wealthier beneficiaries.

Additionally, the bill includes measures to reduce wasteful spending within the Medicare program. This includes implementing stricter oversight of Medicare providers to prevent fraud and abuse, as well as promoting the use of cost-effective treatments and medications. Furthermore, the bill aims to improve access to care for Medicare beneficiaries by expanding coverage for certain services, such as dental and vision care. It also includes provisions to address disparities in healthcare access and outcomes among different populations, such as racial and ethnic minorities. Overall, the Medicare Economic Security Solutions Act is a comprehensive piece of legislation that seeks to strengthen the financial stability of the Medicare program while improving access to care for beneficiaries. It addresses key economic challenges facing Medicare and aims to ensure the long-term sustainability of the program.