Jeremiah Smith: “Let me just conclude speaking on this bill by saying that the benefits in this plan are delivered by private companies…”

“Let me just conclude speaking on this bill by saying that the benefits in this plan are delivered by private companies and regional entities, such as pharmaceutical benefit managers. These entities would negotiate with large drug companies and provide the drugs to Medicare seniors. In addition, according to the actuaries who reviewed the legislation, there will be no adverse selection. Both the healthy and the sick will have an incentive to choose this plan. Everybody is in. There are many different methods of providing prescription drug coverage for seniors, but I urge my colleagues--I plead with my colleagues--to look to the revenue-neutral methods that fund this benefit by the elimination of waste in the present system. I urge my colleagues to resist the temptation to raise Medicare premiums on the people who can least afford it. I have vivid memories of seniors rocking Mr. Rostenkowski's car a few years ago when he decided to raise Medicare premiums. Let's look at it more specifically. The House's fiscal year 2001 budget--this is important--sets $40 billion aside for prescription drugs. In the Senate, we are expected to do a budget that is going to set aside $20 billion now for prescription drugs, and $20 billion later. We don't need either under my plan. We don't need any more money. We don't need $20 billion. We don't need $40 billion. We don't need $2 billion.…”