February 06, 2015
President’s Budget Offers a Mixed Bag for Seniors
President Obama presented his Fiscal Year 2016 budget proposal on Monday, offering a mixed bag for seniors. The budget contains several changes to Medicare, including higher deductibles, new home health co-pays, and increased means testing. However, the budget also contains several positives, including a reallocation of payroll tax revenue from Social Security’s old-age and survivors trust fund to the disability trust fund. This would keep the Social Security Disability Fund solvent past 2016. Go to http://tinyurl.com/ohr34xb to read the Alliance’s full statement.
“The budget calls for Medicare rebates for prescription drugs,” Richard Fiesta, Executive Director of the Alliance, said. “It would save at least $116 billion in Medicare payments to drug companies for medications prescribed for low-income patients. The budget also closes the doughnut hole coverage gap for brand name prescription drugs in 2017 – even faster than the year 2020 that was in the Affordable Care Act.”
Fiesta added that the budget moves the country away from the mindless sequestration cuts that have been harmful to retirees.