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Congress passes broad Medicare bills
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Both the House and the Senate passed Medicare prescription drug legislation late last week. President Bush hopes to have a bill presented for his signature by the end of summer.
The newly passed legislation creates both a drug benefit and a large role for private health plans in Medicare. The bill in the Senate had bipartisan support, but the House bill barely passed, with voting along party lines. There are significant differences between the bills that will have to be worked out in a reconciliation committee.
As they currently stand, each bill requires participants to pay a monthly premium and an annual deductible before the government will begin sharing the cost of medications. The two bills provide for additional financial help for low-income seniors while requiring wealthy seniors to absorb more of the cost of either doctor visits or medications.