On the recordMarch 26, 2010
the signing of the Patient Protection and Affordable Care Act was historic. In addition to providing coverage and lowering health insurance costs for millions of Americans, the legislation will truly transform how care is delivered in the United States. As part of this new law, we are improving Medicare for the seniors and people with disabilities who depend on the program, extending the solvency of the program, and closing the prescription drug doughnut hole. The Patient Protection and Affordable Care Act creates the Independent Payment Advisory Board, IPAB. The Finance Committee, led by Chairman Baucus and Senator Rockefeller, devised the board to provide reason and expertise to Medicare payment policy. Experts have concluded that the board will in fact bend the cost curve, achieving key goals of health reform: lowering costs overall and increasing Medicare's longevity. Built into the IPAB are protections for beneficiaries from limits on care and increased costs. The Senate will ensure that the new board operates in a transparent way with input from patients, providers, and experts to guarantee the best outcomes and continued access to care. Moreover, we in the Senate will oversee Medicare and the IPAB to protect the seniors and people with disabilities. Medicare is one of our most treasured programs, and the IPAB will only improve the program for beneficiaries in the future.
