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Article: Senate committee OKs drug benefit for Medicare program.(News)
- Article from:
- Business Insurance
- Article date:
- June 16, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JERRY GEISEL
WASHINGTON-Landmark legislation headed for a Senate vote this week that would add a prescription drug benefit to the Medicare program would provide a financial windfall for employers with retiree health care plans, while providing a federally subsidized benefit to tens of millions of retirees.
Last week, the Senate Finance Committee approved on a 16-5 vote the legislation, S. 1, providing for the biggest expansion of Medicare since its enactment in 1965.
Beginning in 2006, the program's 40 million beneficiaries could opt for a new Medicare Part D prescription drug benefit, which would be offered by providers, such as HMOs, ...