The American Benefits Council released a new report prepared by a former White House Office of Management and Budget (OMB) official that shows how a proposed revenue provision within the health care reform legislation threatens existing retiree health programs.
The provision, which is contained in both the House and Senate bills, would reverse a carefully negotiated element of the Medicare Modernization Act by reducing allowable deductions for the 28 percent subsidy that employers receive for providing drug coverage for retirees, the American Benefit Council stated in a press release. Congress enacted the policy in 2003 to allow employers to maintain such coverage and to save the government money on Medicare expenditures.
According to the American Benefits Council:
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