Nearly half a century ago, Medicaid and Medicare were enacted to provide America's seniors and citizens with reliable medical coverage. Today, many seniors are fearful that our health care benefits will be lost.
Tens of millions of retirees like me, who worked decades for a single employer taking a lower salary in exchange for guaranteed retirement benefits, have had their benefits reduced or cancelled.
New federal legislation, the "Bankruptcy Fairness and Employee Benefits Protection Act," was just introduced in the U.S. Senate. The bill would make it more difficult for companies to reduce or eliminate the earned benefits and wages of their former employees that were promised during their working years.
The bill would also require that participants of any health plan be properly informed of a modification or termination of their benefits and creates a legal presumption that promised health care benefits cannot be reduced during retirement.
With too many companies looking to duck out on their commitments, America's retirees must urge federal elected officials to co-sponsor this bill and protect seniors' health care.