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House Bill Would Increase Medicare Premiums for Wealthy Seniors

House Republicans plan to propose a gradual increase in Medicare premiums for the wealthy to offset the cost of renewing Social Security payroll tax cuts and long-term unemployment benefits, according to a CBS News report.

Though no final decision has been made on the plan, House Republicans have been working out the details in recent days. The proposal would require seniors earning more than $750,000 to pay more for Medicare Part B, which covers physician office visits and other costs apart from hospitalization.

According to the CMS website, monthly Part B premiums will reach $99.90 in 2012 for beneficiaries who make $85,000 or less a year. The cost rises gradually based on income, reaching $319.70 for those who make more than $214,000 annually.

The GOP also plans to float a provision to avoid a 27 percent cut in payments to physicians who treat Medicare payments.

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