WASHINGTON, June 29 -- Sen. Kirsten Gillibrand issued the following press release:
U.S. Senator Kirsten Gillibrand (D-NY), ranking member of the Senate Aging Committee, along with 14 of her Senate colleagues, introduced the Medicare Cost Cap Act to create a $5,000 cap on out-of-pocket costs for Traditional Medicare (Parts A and B) beneficiaries.
Currently, Traditional Medicare does not have a limit on out-of-pocket costs, meaning beneficiaries are confronted with unlimited, catastrophic health care costs if they face serious illness or hospitalization. Medicare Advantage (MA), employer-sponsored insurance, and insurance bought on the marketplace all have annual caps on out-of-pocket spending. An out-of-pocket cap would level the playing f...