Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: jackhach who wrote (506046)	12/8/2003 3:50:03 PM
From: Skywatcher	Read Replies (1) \| Respond to of 769670

SCULLY SAYS MEDICARE "DUMB"; MILLIONS LOSE OUT ON PROMISE OF "BETTER BENEFITS" UNDER NEW LAW With President Bush's signing of the Medicare bill today, the 38-year old program will indisputably be subject to its most significant reform ever. But while the President has stated repeatedly that "Medicare is the binding commitment of a caring society," his own Medicare administrator is on record saying, "We think it's a dumb system." Moreover, the bill doesn't go nearly as far as Bush's rhetoric on protecting seniors' savings suggests. President Bush has praised Scully publicly, saying that he "joins me in a strong commitment" to improving Medicare. But Mr. Scully has described Medicare as "an unbelievable disaster," in front of senior audiences. The same day that the president made his "binding commitment" remarks, Scully essentially admitted to Congress that the administration seeks to privatize pieces of Medicare, while downplaying the significance. "The basic goal we have to privatize Medicare -- basically in there the most optimistic assumptions for having people move into private plans, we're probably talking about less than half of the people." While Scully talks about privatization, seniors are focused on the extent of the prescription drug coverage in the legislation. There's been much talk of the "donut hole" coverage within the bill, requiring seniors to pay 25 percent of drug costs after a $250 deductible up to $2,250 and all costs thereafter up to $5,100 at which point the program picks up 95 percent of costs. President Bush claimed he supports reform that will "protect seniors from high medical costs that can rob them of their savings." But some analysts pointed out that the bill expressly prohibits seniors from purchasing so-called "Medigap" coverage that could help defray costs. The President also said that reform "must place patients and their doctors at the center of every health care decision." But the formularies that will be created under Medicare (the type and list of drugs that qualify for coverage) will be determined by insurer-created committees, including how high to set the beneficiary payment for each drug. And while the President insists that his reform intends to give "more choices and better benefits," an estimated 2.7 million retirees will likely lose their coverage from employers, and an additional 6.4 million poor seniors are expected to lose their Medicaid coverage. Meanwhile, Scully has submitted his resignation, saying he's "checking out of Dodge," as a bidding war occurs among law firms who could benefit from his intimate knowledge of the legislation.