Traditional Medicare - MEDICARE COST CAP ACT
US Senate.gov Finance - Medicare Cost Cap Act Lowering Out-of-Pocket Costs for People with Medicare
These Senators have gotten it written in Bill Format - so it is ready to be introduced.
In their own words here (at the link) is what the Medicare Cost Cap Act would do.
Per these Senators in the linked article:
Background: Currently, Traditional Medicare has no limit on beneficiaries’ out-of-pocket spending, putting them at risk of confronting unlimited health care costs if they face serious illness or hospitalization. Medicare Advantage, employer-sponsored insurance, and insurance bought on the Marketplace all have annual caps on out-of-pocket spending. Americans who choose Traditional Medicare deserve the same protection. According to AARP, “Adding an out-of-pocket spending limit to traditional Medicare, similar to the one that exists for people
enrolled in MA. This change would not only help protect individuals from the risk of incurring high out-of-pocket costs but would also reduce the policy imbalances between traditional Medicare and MA1.”
I cannot find any pro or con from the AARP.org membership organization on this legislation.
From the Senate minority leadership