Medicare payment bill passes House, goes to Obama

By Tami Luhby, senior writer


NEW YORK (CNNMoney.com) -- The House approved a bipartisan bill Thursday that would prevent a 25% cut in doctors' Medicare reimbursement rates in 2011, sending it to President Obama for his signature.

The bill, which would cost $19.3 billion over 10 years, would be paid for by changing a provision of the health reform act that provides tax credits for people who buy coverage. The credit is scaled to a person's income. The legislation would increase the amount people would have to repay if they underestimate their earnings.

A 1997 law requires that doctors' Medicare rates be adjusted each year based on the health of the economy, with the goal of keeping the program in the black. Rate cuts have been blocked 10 times in the last eight years, including five times this year.

Doctors have been heavily lobbying lawmakers to prevent the scheduled cut from taking effect next year.

The American Medical Association had said that if the cut were enacted, some doctors would have had to stop accepting Medicare patients. Some 43 million people, mostly senior citizens, receive Medicare benefits.

"Stopping the steep 25% Medicare cut for one year was vital to preserve seniors' access to physician care in 2011," said Dr. Cecil Wilson, the association's president. "Many physicians made clear that this year's roller coaster ride, caused by five delays of this year's cut, forced them to make difficult practice changes like limiting the number of Medicare patients they could treat."

The Senate approved the measure Wednesday. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,810.06 91.06 0.51%
Nasdaq 4,712.97 11.10 0.24%
S&P 500 2,063.50 10.75 0.52%
Treasuries 2.32 -0.02 -0.86%
Data as of Nov 23
Company Price Change % Change
Bank of America Corp... 17.12 0.12 0.71%
Kinder Morgan Inc 39.75 -0.17 -0.43%
Apple Inc 116.47 0.16 0.14%
Intel Corp 35.59 -0.36 -1.00%
Microsoft Corp 47.98 -0.72 -1.48%
Data as of Nov 21

Sections

This arrangement, announced Friday, illustrates how the lines have blurred between traditional TV networks and newfangled options like Netflix. More

China's central bank surprised investors last week with its first rate cut in more than two years. But get used to that -- analysts say more cuts are in the pipeline. More

Regin is malware has been lurking in computers for as long as six years, according to Symantec. But experts don't know much about where it is from, what it does and who has been targeted. More

Obama doesn't have the authority to create a startup visa, but part of his reform announcement could include a workaround for entrepreneurs: 'parole status.' More

Nearly half of all Americans say there's a chance they'll have to work during a holiday between Thanksgiving and New Year's, according to a new poll. And one in four say they'll have to work whether they want to or not. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.