[Congressional Record Volume 151, Number 7 (Monday, January 31, 2005)]
[Senate]
[Pages S672-S673]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. STABENOW (for herself, Mr. Kennedy, Mrs. Boxer, Mr. 
        Lautenberg, Mr. Rockefeller, Mr. Dayton, and Mr. Corzine):
  S. 222. A bill to amend title XVIII of the Social Security Act to 
stabilize the amount of the medicare part B premium; to the Committee 
on Finance.
  Ms. STABENOW. Mr. President, today I am introducing the ``Keep the 
Promise of Medicare Act'' of 2005, and am pleased to be joined by my 
colleagues Senators Kennedy, Boxer, Lautenberg, Rockefeller, Dayton, 
and Corzine.
  Our Medicare beneficiaries were greeted in the New Year by the 
largest premium increase in Medicare's history--17.5 percent. At the 
same time, the Social Security COLA increased by only 2.7 percent.
  What are the implications of such a discrepancy? More than 2 million 
beneficiaries nationwide have lost their entire COLA to the Medicare 
premium increase, and almost 13 million seniors and disabled Americans 
will have over 50 percent of their COLA consumed by the Medicare 
premium increase.
  This dramatic increase could have been avoided--CMS Administrator 
McClellan has acknowledged that provisions included in the 2003 
Medicare law designed to privatize the program directly contributed to 
the premium increase.
  Therefore, my legislation will limit, retroactively, the 2005 Part B 
premium increase to the same level as the Social Security COLA. The 
result will be nearly a $10 monthly savings for our seniors--the Bush 
Administration has given seniors a monthly $78.20 premium; under our 
legislation the premium would be $68.40.
  Older Americans have been struggling under the relentless increases 
in the cost of their health care and prescription drugs. Rather than 
alleviating the challenges they are facing, the 2005 premium increase 
has made their situation even direr.
  Adjusting the current premium is a first step, and one we must take 
immediately. Additionally, we should use this year to revise an 
outdated law that has led to record increase in Medicare premiums in 
the last four years. The promise of Medicare must include

[[Page S673]]

protection from dramatic increases in the Part B premium.
  I urge my colleagues to join me on this important piece of 
legislation.
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