July 30 marks the 49th anniversary of Medicaid and Medicare, healthcare programs enacted to provide America’s seniors with reliable medical coverage.
Today many seniors fear losing their healthcare benefits. Tens of millions of retirees like me who worked decades for a single employer, taking a lower salary in exchange for guaranteed retirement benefits, have had their benefits reduced or canceled.
New federal legislation, the Bankruptcy Fairness and Employee Benefits Protection Act, was just introduced in the Senate. SB2148 would make it more difficult for companies to reduce or eliminate earned benefits and wages that were promised to former employees.
The bill also would require that participants of any health plan be properly informed of a modification or termination of benefits and creates a legal presumption that promised healthcare benefits cannot be reduced during retirement.
With too many companies looking to duck out on their fiduciary commitments, America’s retirees must urge federal elected officials to co-sponsor SB 2148 and protect seniors’ healthcare, as occurred 49 years ago when Medicare and Medicaid were signed into law.
I urge my fellow retirees to join the nonprofit ProtectSeniors.Org.