Part B Premium Redistribution Act

Summary

Part B Premium Redistribution Act - Amends part B (Supplementary Medical Insurance) of title XVIII (Medicare) of the Social Security Act to provide that the monthly premium for part B enrollees shall be equal to 40 percent of the monthly actuarial rate for enrollees age 65 and over. Requires each such enrollee to also pay a tax imposed under the Internal Revenue Code equal to the lesser of $550 annually (to be adjusted annually) or an amount equal to one percent of the individual's adjusted gross income in excess of the zero bracket amount and his or her personal exemptions. Directs the Secretary of Health and Human Services to annually determine the monthly premium. Authorizes to be appropriated annually to the Federal Supplementary Medical Insurance Trust Fund an amount equal to the amount by which the total amount paid out of the Trust Fund exceeds the total premiums paid to the Trust Fund or transferred to the Trust Fund by the tax imposed under this Act.

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1 official file

• Introduced in Senate

  summary · EN · 18 November 1983

  Open at official source

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