Historic Medicare Overhaul Adds Drug Benefit and Private Competition
Congress sends President Bush a sweeping Medicare bill combining a new prescription drug benefit with private insurance options for 40 million beneficiaries. The plan faces a lengthy implementation timeline and future challenges as lawmakers debate costs, coverage gaps, and imports from abroad.
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Medicare Bill Advances To President After Senate Vote
The Senate passed sweeping Medicare changes in a 54 to 44 vote, sending the bill to President Bush for signature. Proponents say private coverage options and cost controls modernize the program as baby boomers age, with 78 million Americans reaching eligibility by 2029.
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Medicare Reform Debate Spurs Part B Change
Conservatives push for changes in Medicare Part B including raising the annual deductible from $100 to $110 in 2005 and linking future increases to non-hospital spending growth. The bill seeks House floor votes on varying options while introducing a limited 2010 competition between traditional Medicare and new private plans drawing sharp Democratic criticism.
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Graham Defends Vote Against Medicare Bill
Senator Graham criticizes the Medicare measure as financially risky and lacking senior choice. He warns costs could rise faster than predicted and that reforms may be undermined by future spending. He argues Medicare is already in jeopardy and calls for broader reform to curb red tape. Contact Philip Lord at plord aikenstandard.com.
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