The 175-member Republican Study Committee a report for Fiscal Year 2024 Budget on June 14. It is filled with “political speak.” What it means that is important to retirees are:
— An effort to terminate Medicare as we know it. The proposal recommends a “premium support” plan that would subsidize seniors for private insurance options that would compete with traditional Medicare. The plan is similar to past Speaker Paul Ryan’s failed proposal that the NRLN had opposed. Now they want to try to shove the plan down our throats again. This plan would require us to use a government subsidy check to purchase our own healthcare insurance. The amount would be partially adjusted for inflation. Over time, as premiums rise above the adjusted subsidy, we would have to spend out-of-pocket to cover the difference which eventually would lead to our paying 100% out-of-pocket.
Millions in private Medicare Advantage plans, currently heavily subsidized, would also be affected.
— Raise the Social Security retirement age. Those now age 59 would see an increase in the retirement age of three months per year beginning in 2026. The retirement age for full benefits would reach 69 for those who turn 62 in 2033. The NRLN contends that raising the retirement age represents diminished benefits and opposes the proposal. While many are willing to work more years, individuals who have worked in physically demanding jobs and/or have health issues may not be capable of extended labor.
The NRLN is a non-partisan organization. In this case, we are not being partisan we are only pointing out the facts that the Republican Study Committee’s report, if enacted, would negatively impact retirees.
I will write more in the summer NRLN FOCUS newsletter on this subject and Speaker Kevin McCarthy’s intention to establish a commission as a method for proposals to restructure Medicare and Social Security.
The NRLN will fight to protect retirees from the proposals to terminate Medicare as we know it today and raising the Social Security full benefits age. Your financial support would be helpful to our efforts.
Clicking on the “Contribute to the NRLN” button below will be appreciated.
Bill Kadereit, President
National Retiree Legislative Network