The proposed HEALS Act impacts Medicare in 2021.
You are a citizen of the United States of America.
What happens in Washington D.C. affects you.
As such, it is good to be informed when it comes to new legislation.
This is especially true with decisions regarding Social Security or health care.
According to a recent CNBC article titled “Medicare Part B premium would be frozen in Republicans’ HEALS Act relief bill,” the Senate Republicans have recently proposed the HEALS Act.
What is recommended in the HEALS Act?
The purpose of the bill is to provide protections and relief in response to the COVID-19 pandemic.
The HEALS Act specifically addresses Medicare Part B Premiums in 2021.
Medicare Part B covers medical supplies and outpatient care.
It would freeze premiums at the current level but would include a monthly surcharge of $3 until the shortfall is recouped.
What is the reasoning?
The goal is to protect the nearly 62.5 million Medicare beneficiaries from a steep rise in premiums as a result of the pandemic economic impact.
How much would Medicare beneficiaries pay in 2021 for Part B?
The premiums would be $144.60, if the HEALS Act is passed.
Those who earn more would be pay an income-related surcharge.
Some individuals who are enrolled will pay less because their premiums cannot rise more than the annual cost of living adjustment applied to Social Security.
Medicare Part A and Medicare Part B are also mentioned in the bill.
Part A provides coverage for skilled nursing, inpatient hospital visits, and some home health services.
According to the bill, most beneficiaries of Medicare will not pay premiums because their work history would qualify for them to receive this premium-free.
Medicare Part D provides prescription drug coverage.
Part D has income-related surcharges added to its premiums for those who earn higher wages.
The HEALS Act also recommends extending other policies and programs related to COVID-19.
Telehealth coverage by Medicare would be extended through the pandemic.
The legislation also includes another $1,200 stimulus payment to qualifying individuals.
The bill also proposed providing an extra $200 a week for unemployment benefits for a limited time period.
The states would need to eventually transition to pay 70 percent of the income for an individual.
The proposed HEALS Act would benefit many Americans in the coming year.
Reference: CNBC (July 28, 2020) “Medicare Part B premium would be frozen in Republicans’ HEALS Act relief bill”