1. Short title
This Act may be cited as the “Enhancing Retirement Security for Medicare Beneficiaries Act of 2019”.
Enhancing Retirement Security for Medicare Beneficiaries Act of 2019
A BILL
To amend title XVIII of the Social Security Act to provide for certain rules regarding the treatment of eligible retirement plans in determining the eligibility of individuals for premium and cost-sharing subsidies under part D of the Medicare program, and for other purposes.
2. Providing for certain rules regarding the treatment of eligible retirement plans in determining the eligibility of individuals for premium and cost-sharing subsidies under part D of the Medicare program
In general— Section 1860D–14(a)(3) of the Social Security Act (42 U.S.C. 1395w–114(a)(3)) is amended—
in subparagraph (A)(iii), by striking “subparagraph (D)” and inserting “subparagraph (D)(i)”;
in subparagraph (C)(i), by striking “except that support and maintenance furnished in kind shall not be counted as income; and” and inserting
“(I) support and maintenance furnished in kind shall not be counted as income; and
“(II) any distribution or withdrawal from an eligible retirement plan (as defined in subparagraph (B) of section 402(c)(8) of the Internal Revenue Code of 1986, but excluding any defined benefit plan described in clause (iv) or (v) of such subparagraph and any qualified trust (as defined in subparagraph (A) of such section) which is part of such a defined benefit plan) shall be counted as income; and”
in subparagraph (D)—
by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and moving the margin of each such subclause, as so redesignated, 2 ems to the right;
by striking “The resources requirement” and inserting the following:
“(i) In general—The resources requirement”
by striking “subject to the life insurance policy exclusion” and inserting “, subject to the exclusions”;
by aligning the margin of the flush sentence at the end with the margin of clause (i), as added by subparagraph (B); and
by adding at the end the following:
“(ii) Application of resource standard with respect to certain beneficiaries—In applying the resources requirement of this subparagraph under section 1905(p)(1)(C), such requirement shall be applied without regard to the exclusions provided under subparagraph (G).”
in subparagraph (E), by striking “subject to the life insurance policy exclusion” and inserting “, subject to the exclusions”; and
in subparagraph (G)—
in the subparagraph heading, by striking “Life insurance policy exclusion” and inserting “Resource exclusions”; and
by striking “for purposes of subparagraphs (D) and (E) no part of the value of any life insurance policy shall be taken into account.” and inserting
“(i) Life insurance policy—No part of the value of any life insurance policy shall be taken into account.
“(ii) Eligible retirement plan—No balance in any eligible retirement plan (as described in subparagraph (C)(i)(II)) shall be taken into acount.”
Effective date— The amendments made by subsection (a) shall apply with respect to plan years beginning on or after January 1, 2022.