The Senate on Thursday evening voted 59-34 to avert looming Medicare cuts to service providers, sending out the legislation to President Bidens desk for signature.
The highly-anticipated vote comes weeks before the cuts were set to work, putting companies on edge as legislators hammered out a last offer.
The costs, which passed the House previously this week, will postpone 2% cuts to Medicare rates through March 2022 and punt a different round of 4% Medicare cuts totaling about $36 billion to 2023.
The 2% cuts derive from the 2011 law that produced budget plan sequestration, requiring costs reductions across the federal government beginning in 2013. Congress stopped briefly the cuts in 2015 in reaction to COVID-19. The expense that passed Thursday would keep that time out in location up until April 1, after which suppliers will see a 1% cut up until June 30 and a 2% cut till sequestration ends in 2013.
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The 4% Medicare cuts are the repercussion a budget law called PAYGO that needs boosts in the deficit be balanced out by raising profits or decreasing costs. The COVID-19 relief bundle enacted this year led to a larger deficit spending, activating spending reductions.
The bill likewise includes a 3% increase in pay for providers paid under the Medicare Physician Fee Schedule, partly reducing some cuts that are set to work next year.
Providers have actually urged Congress all year to avert the cuts, arguing they are still struggling economically under COVID-19.
The 2% cuts derive from the 2011 law that produced budget plan sequestration, needing costs decreases across the federal government starting in 2013. Congress stopped briefly the cuts last year in reaction to COVID-19. The bill that passed Thursday would keep that time out in place until April 1, after which providers will see a 1% cut till June 30 and a 2% cut until sequestration expires in 2013.