H.R. 1950: Protect Social Security and Medicare Act

This bill is titled the "Protect Social Security and Medicare Act" and aims to safeguard the benefits provided by the Social Security Administration and the Centers for Medicare and Medicaid Services. Here’s a breakdown of its key provisions:

Supermajority Vote Requirement

The bill requires that any proposal to cut existing benefits from Social Security or Medicare cannot be considered in either the House of Representatives or the Senate unless at least two-thirds of the members present and voting agree to a motion to consider such a proposal. This means that cutting benefits would require a significant majority rather than a simple majority to move forward.

Exemption for Medicare Advantage Plans

An important exception is stated for actions that would reduce payments to Medicare Advantage plans. If a proposal reduces payments to these plans, it can still be considered as long as the reduction is offset by an increase in payments for other purposes within the Medicare program that is equal to or greater than the reduction made to the Medicare Advantage plans.

Determination of Benefit Reductions

The bill stipulates that any determination about whether a proposed bill would result in a reduction of benefits must be made solely by the Office of the Chief Actuary of the Social Security Administration. This centralizes the authority on financial assessments relating to these benefits, ensuring that they rely on a professional and official body for such determinations.

Overall Intent

The overall intent of the bill is to create a stricter framework around the process of reducing benefits associated with Social Security and Medicare, thereby potentially making it more challenging to implement future cuts to these essential programs.

Relevant Companies

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