Washington, D.C. – Today, Senate Finance Committee Ranking Member Ron Wyden (D-OR), alongside Senator Lisa Blunt Rochester (D-DE) and Senate Democratic Leader Chuck Schumer (D-NY), led Senate Democrats in introducing the Medicare Cost Cap Act, legislation that lowers health care costs for seniors and Americans with disabilities who rely on Medicare. The bill would lower out-of-pocket costs for people on Medicare, ensure that all in the program are protected regardless of the coverage option they choose, and safeguard seniors from skyrocketing premiums and cost-sharing.
Nearly one year ago, Trump and Republicans in Congress plunged the nation into a health care affordability crisis. They gutted Medicaid and the Affordable Care Act to fund tax breaks for billionaires and big corporations, leaving tens of millions of Americans with skyrocketing premiums, endangered coverage, and bankrupt hospitals. Already, five million Americans — and counting — have lost coverage, and over 1,000 hospitals, nursing homes, and other critical providers have closed, are at risk of closing, or have cut essential services. The Medicare Cost Cap Act is a testament to Democrats prioritizing lower costs for working families, while Trump and Republicans in Congress are focused on enriching their billionaire donors and big corporations on Wall Street.
“Nearly one year ago, Trump and Republicans in Congress set the health care system aflame to fund tax breaks for billionaires and big corporations,” said Protect Our Care Chair Leslie Dach. “Following their cruel health care cuts, hospitals are shuttering, nursing homes are closing their doors, and millions are choosing between paying rent, buying groceries, and affording the health care they need. Senate Democrats’ Medicare Cost Cap Act provides much-needed relief for millions struggling with skyrocketing health care costs. It lowers out-of-pocket costs and premiums for Americans who depend on Medicare. It safeguards seniors and people with disabilities from soaring costs. The bill is just one example of how Democrats are working to tackle the kitchen-table issues facing working families, while Trump and Republicans in Congress remain hell-bent on waging war on their pocketbooks.”
Background:
The Medicare Cost Cap Act will:
- Lower out-of-pocket costs, shielding more than half of all people with Traditional Medicare from catastrophic costs over the next decade.
- Lower skyrocketing Medigap premiums.
- Guarantee all people with Medicare are protected, no matter what coverage option they choose, leveling the playing field between Traditional Medicare and private plans.
- Shield seniors who rely almost exclusively on their Social Security benefits from rising premiums and cost-sharing. Medicare Part B premiums eclipsed $200 for the first time this year, straining the finances of retirees.
A fact sheet of the bill can be found here. The bill text can be found here.