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Reed backs Social Security, Medicare changes
The Evening Tribune - 6/27/2018
June 27--WASHINGTON -- An aging population and a frayed social safety net are drawing the concerns of members of Congress.
In a call with reporters on Tuesday, Rep. Tom Reed (R-Corning) addressed a recent report that Medicare and Social Security is expected to run out of money by 2026 and 2034, respectively.
"We care about those on Social Security and Medicare and are aware of the funding problems they are facing," Reed said. "We must work to solve this and pass bipartisan reforms to ensure that Social Security and Medicare are available for generations to come."
The report urged Congress to work with a sense of urgency because, "the early introduction of reforms increases the time available for affected individuals and organizations -- including health care providers, beneficiaries and taxpayers -- to adjust their expectations and behavior."
Ideas discussed include: Raise the Payroll Tax Cap; Raise the maximum amount of wages a person could be taxed on from $118,500 to $274,000; Eliminate the Payroll Tax Cap; Raise the Full Retirement Age of Social Security to 68; Increase the retirement age by one year, in 2023 then by two months each year till 2028; Raising the Age of Eligibility for Medicare to 67 -- which would save Medicare $55 billion over 10 years; Increase Value-Based Reimbursements; Move payments from a 'fee for service reimbursement' model to a payment system based on efficiency, quality and value; and promote Hospice and Palatable Care.
"We have plenty of areas we agree upon," Reed said of bipartisan support for the proposals.
Reed's office outlined grassroots support for the proposals, gathering messages from local officials and constituents impacted by the dwindling funds.
"As more Baby Boomers retire, the viability and sustainability of Social Security and Medicare are of the utmost importance," said Hornell Mayor John Buckley. "It is vital Congress act sooner rather than later to ensure these programs are healthy and secure for future generations.
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