The administration of President Joe Biden just announced that it will be cutting Medicare Advantage.
The U.S. Centers for Medicare & Medicaid Services (CMS) made the announcement on Friday, March 31, 2023, when it released the rate notice for 2024.
What cannot be overlooked, here, is the irony.
The cut comes after Biden went around claiming that it was the Republicans - not himself and not the Democrats - who actually want to cut Medicare and Social Security. There will be more on this in a moment.
Bloomberg News reports on the specifics of the Medicare cut.
Per the outlet: "The final rate notice for 2024 will mean a 1.12% cut for Medicare plans, after stripping out the expected impact of how plans report patient illnesses.
Bloomberg adds:
The rate is slightly more favorable than what regulators proposed two months ago, which would have meant a 2.3% cut without the adjustment for patient illnesses.
The bottom line, though, is that, under Biden's watch, there will be a 1.12% cut to Medicare plans. And, the average payment to the plan is now expected to increase.
But, there's more. Bloomberg additionally reports:
The agency will also phase in controversial changes that determine payments based on the severity of patients’ health problems. That policy will take effect over three years instead of one year, after the proposal drew fierce criticism from the industry.
If you follow national news at all, then the likelihood is that, in recent times, you heard Biden or a member of his administration claim that the Republicans - specifically "MAGA Republicans" - are looking to slash Medicare and Social Security.
Perhaps the most conspicuous example came during BIden's State of the Union address, when he told Americans:
Some of my Republican friends want to take the economy hostage, which I get it, unless I agree with their economic plans. All of you know should know what those plans are. Instead of making the wealthy pay their fair share, some Republicans, some Republicans want Medicare and Social Security sunset.
Biden, in fact, during a speech in Philadephia, Pennsylvania, just last month, said:
I guarantee you I will protect Social Security and Medicare without any change. Guarnateed! I won't allow it to be cut or eliminated as MAGA Republicans threaten to do.
Biden followed that up by saying that his budget proposal will not reduce benefits or sunset programs.
Well, so much for all of that talk. A 1.12% cut is coming, which - let's not forget - is less than half of what Biden actually wanted.
