Medicare Economic Security Solutions Act

Hozzl · 2024-12-19T09:06:56Z

Explore the details of House Bill 6490 Medicare Economic Security Solutions Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

12/19/2024, 9:06 AM

Summary of Bill HR 6490

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.

Congressional Summary of HR 6490

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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 6490

Bill HR 6490 is currently in the status of Bill Introduced since November 28, 2023. Bill HR 6490 was introduced during Congress 118 and was introduced to the House on November 28, 2023. Bill HR 6490's most recent activity was Referred to the Subcommittee on Health. as of December 17, 2024

Bipartisan Support of Bill HR 6490

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6490

Primary Policy Focus

Health

Alternate Title(s) of Bill HR 6490

Medicare Economic Security Solutions Act

To amend title XVIII of the Social Security Act to limit the penalty for late enrollment under part B of the Medicare Program to 15 percent and twice the period of no enrollment, and to exclude periods of COBRA, retiree, and VA coverage from such late enrollment penalty.