Biden’s budget | Kern Valley Sun
President Joe Biden’s budget for the next fiscal year is $5.8 trillion. | Facebook/President Joe Biden
You probably know that President Joe Biden presented his budget for the next fiscal year last week. I don’t care much about presidents’ budgets because they don’t go anywhere and Congress has the final say. But there are some things about health care that you probably haven’t heard of. Here they are, as compiled by STAT. The total budget is $5.8 trillion.
A) Pandemic Preparedness: calls for major funding of $82 billion over five years to improve preparedness for pandemics and biological threats; $40 billion for the accelerated development of storage countermeasures; $28 billion for the CDC (to improve laboratory capacity, surveillance, and public health personnel); $12 billion for new NIH research on critical preparedness; $1.6 billion for the FDA and $9.9 billion for the CDC to develop better data systems.
B) Mental health services: A $100 billion investment over 10 years to expand access to mental health care to expand the mental health workforce and expand services paid for by Medicaid and Medicare.
VS) Indian Health Service: $250 billion in spending authority for IHS, over 10 years, with $142 billion expected to be above the level that would occur through discretionary appropriations.
D) Agency for Advanced Research Projects for Health (ARPA-H): To finance the creation of this new agency to accelerate the results of research on the treatment of cancer, diabetes and dementia, a credit of 5 billion dollars at the start of its activities.
E) Medicare physician fees: The annual update was expected to be quite low from 2026, just 0.25% for clinicians who do not participate in approved alternative payment models and 0.75% per year for those who do. Biden wants to fix this problem before then. The acceleration would increase Medicare costs by $3.5 billion through 2032.
F) Beyond these initiatives, the budget includes very few Medicare and Medicaid reforms.
An article published by CNBC titles, “Biden’s 2023 budget includes $14.8 billion for Social Security. Here are the changes it could bring.”
“Much of the hike would go to help the federal agency improve its services at a time when it has been challenged by the ongoing COVID-19 pandemic. “No one earning less than $400,000 will pay a extra penny in federal taxes,” President Biden said,” the story said.
“Some groups say the increase doesn’t go far enough. Biden wants to increase discretionary funding for the SSA by $1.8 billion, for a total of $14.8 billion. That’s an increase of about 14 % over funding levels enacted in 2021 for the agency, which administers retirement, disability and survivor benefits for about 70 million Americans.Under the proposal, an additional $14.8 billion (also a 14% increase over 2021) would go to improving agency services, while efforts to protect program integrity would yield $224 million more than in 2021.”
According to CNBC, “The additional $1.6 billion for services would go to field offices, state disability determination services, and teleservice centers. In addition, the funds would also be used to add staff to reduce wait times and expedite the processing of disability claims Funding could help reduce customer service bottlenecks, including long wait times on the 800 number agency and for disability hearings, and assisting the agency in reopening field offices that were closed during the pandemic.
Think Advisor wrote: “Biden is asking for more than $2.5 trillion in tax hikes for the wealthy and big business over a decade, on top of the nearly $1.5 increases included in the House version. of the Build Back Better plan.The proposal adds a 20% minimum tax on unrealized capital gains for households worth at least $100 million.The plan omitted a controversial proposal for bank reporting in the year latest that would allow financial institutions to share account information with the IRS Biden again called for raising the corporate rate to 28% from 21% and raising the rates for the highest earning Americans to 39.6% . »
Harry P Thal, the health insurance guru in Kernville is available for free telephone consultations. Call for a telephone appointment: (760) 376-2100.