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Obama to raise upper-income seniors' Medicare premiums
CBS News ^ | April 12, 2013 | SCOTT APPLEWHITE
Posted on April 12, 2013 10:09:27 PM EDT by Steelfish
April 12, 2013 Obama To Hike Upper-Income Seniors' Medicare
SCOTT APPLEWHITE
WASHINGTON President Barack Obama's plan to raise Medicare premiums for upper-income seniors would create five new income brackets to squeeze more revenue for the government from the top tiers of retirees, the administration revealed Friday.
First details of the plan emerged after Health and Human Services Secretary Kathleen Sebelius testified to Congress on the president's budget. As released two days earlier, the budget included only a vague description of a controversial proposal that has grown more ambitious since Obama last floated it. (snip)
Obama's new budget calls for raising $50 billion over 10 years by increasing monthly "income-related" premiums for outpatient and prescription drug coverage. The comparable number last year was $28 billion over the decade.
Currently, single beneficiaries making more than $85,000 a year and couples earning more than $170,000 pay higher premiums. Obama's plan would raise the premiums themselves and also freeze adjustments for inflation until 1 in 4 Medicare recipients were paying the higher charges. Right now, the higher monthly charges hit only about 1 in 20 Medicare recipients.
(Excerpt) Read more at cbsnews.com ...