The former New York City mayor suggests reform for Social Security, Medicare and elderly assistance.
The U.S. isn’t doing enough for elderly Americans, says Mike Bloomberg, the billionaire former New York City mayor running as a Democratic candidate for president this year — and he has plans to change that, if elected.
The candidate, who founded financial news and information company Bloomberg LP, would also adjust the cost-of-living allowance for Social Security, which currently tracks inflation for working Americans . He said he would also examine other options for improving the benefit system, including supporting family caregivers who have lower or less-consistent wages, and surviving spouses, who often suffer from a loss of household income despite the same living costs because of a partner’s death.
Fellow candidates have unveiled proposals for Social Security and retirement security reform in the past, including Bernie Sanders, Elizabeth Warren and Pete Buttigieg. Little about retirement security, however, is ever discussed on the Democratic debate stage, and Social Security is often considered the “third rail” of politics.
On Medicare: The presidential hopeful said he would limit out-of-pocket drug costs for Medicare beneficiaries and extend coverage to services not provided under Medicare, such as dental, vision and hearing checkups. His proposal also includes developing programs to support long-term care needs at a patient’s home, as well as create a “federal safety net to insure against catastrophic long-term care costs.
The candidate also wants to restore the Department of Labor’s fiduciary rule, which required brokers and insurance agents to advise clients on the best strategies for their retirement accounts, as opposed to what is a suitable recommendation but could cost more in fees and commissions. The fiduciary rule, which was rolled out under the Obama administration, was abandoned under the Trump administration.
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