A bill to amend the Social Security Act and the Internal Revenue Code of 1954 so as to extend to all individuals who have attained age 65 coverage under part A of Medicare, to extend (without payment of premium) coverage under Park B of Medicare to all individuals covered under part A of Medicare, to revise the Social Security and Medicare tax schedules, to provide an alternative tax rate for low-income individuals, and to provide for partial general revenue financing of the Social Security and Medicare programs.
Social Security Amendments - States that every individual who has attained age 65, and is: (1) entitled to monthly insurance benefits under the Social Security Act, or a qualified railroad retirement beneficiary, or (2) a resident of the United States and a citizen of the United States, or an alien lawfully admitted for permanent residence who, after being so admitted, has resided in the United States continuously for a period of not less than 5 years; shall be entitled to hospital insurance benefits under part A of title XVIII (Medicare) for each month for which he meets the conditions specified in this Act, beginning with the first month after December 1973 for which he meets the such conditions.
Established an insurance program to provide medical insurance benefits in accordance with the provisions of this Act (relating to medicare) for all individuals who are entitled to the hospital insurance benefits provided by part A of the Social Security Act.
Entitles every individual who, for any period of time, is entitled to hospital insurance benefits under part A shall, for such period of time, to the benefits provided by the insurance program established by this Act.
Directs that on January 1, 1974, there shall be transferred to the Federal Hospital Insurance Trust Fund all the assets and liabilities of the Federal Supplementary Medical Insurance Trust Fund. Provides that the
Provides that the Federal Hospital Insurance Trust Fund shall be called the Federal Health Insurance Trust Fund.
Revises the social security and medicare tax schedules.
Provides for an alternative tax rate for low income individuals.
States that in addition to any other funds appropriated or authorized to be appropriated pursuant to other provisions of law for any fiscal year to the Federal Old-Age and Survivors Insurance Trust Fund, and in addition to any other funds authorized by other provisions of law to be appropriated to or deposited in the Federal Disability Insurance Trust Fund for any fiscal year, and the Federal Health Insurance Trust Fund there are authorized to be appropriated to each of such funds specified amounts from general revenues.
Sets forth the formulae which Congress is to employ in determining the amounts to be appropriated from general revenues.
Directs the Secretary of Health, Education, and Welfare to furnish to the Congress such information, data, and actuarial studies as may be appropriate to enable the Congress to compute the amount of such appropriations.
Introduced in Senate
Referred to Senate Committee on Finance.
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