A Better Deal for America’s Seniors
Medicare Prescription Drug, Improvement, and Modernization Act
On December 8, 2003 President Bush signed the Medicare Prescription Drug, Improvement and Modernization Act into law, making the most sweeping changes to Medicare in the program’s 38 year history.
The new Medicare law is a better deal for America’s seniors. It makes positive changes to the way healthcare in retirement is delivered and plants the seeds for a new system that can be sustained for generations.
Why is it a Better Deal for America’s Seniors?
- It establishes a voluntary, affordable Medicare prescription drug benefit.
Voluntary is important because seniors have the choice of participating or not.
- It contains extra help for those who need it most.
More than 10 million low-income seniors will get help covering premiums, co-pays, and deductibles.
- It encourages employers to continue to offer health care coverage to former employees.
- It creates more coverage options for seniors that will be delivered by private insurance plans.
Medicare Advantage plans will provide healthcare services above and beyond what traditional Medicare covers today.
- The new plans are 100% voluntary.
No senior will be forced into a managed care plan. Traditional Medicare will always be an option.
- Its Health Savings Accounts plant the seeds for future prosperity.
HSAs enable younger Americans to accumulate a tax-free health care nest-egg that will ultimately lower the cost of health care in retirement.