English subtitles for clip: File:2010-08-07 President Obama's Weekly Address.ogv

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The President: 45 years ago, we made
a solemn compact as a nation that senior

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citizens would not go without
the health care they need.

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This is the promise we made
when Medicare was born.

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And it's the responsibility of
each generation to keep that promise.

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That's why a report issued this
week by the Trustees who oversee

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Medicare was such good news.

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According to this report, the
steps we took this year to

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reform the health care system
have put Medicare on a sounder

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financial footing.

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Reform has actually added at
least a dozen years to the

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solvency of Medicare --
the single longest extension in

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history -- while helping
to preserve Medicare for

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generations to come.

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We've made Medicare more solvent
by going after waste, fraud,

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and abuse -- not by changing
seniors' guaranteed benefits.

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In fact, seniors are starting
to see that because of health

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reform, their benefits are
getting better all the time.

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Seniors who fall into
the "doughnut hole" --

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the gap in Medicare
Part D drug coverage --

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are eligible right now for a
$250 rebate to help cover the

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cost of their prescriptions.

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Now, I know for people facing
drug costs far higher than that,

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they need more help.

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So starting next year, if you
fall in the doughnut hole,

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you'll get a 50% discount on the
brand-name medicine you need.

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And in the coming years, this
law will close the doughnut hole

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completely once and for all.

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Already, we've put insurance
companies on notice that we have

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the authority to review and
reject unreasonable rate

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increases for Medicare
Advantage plans.

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And we've made it clear to the
insurers that we won't hesitate

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to use this authority
to protect seniors.

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Beginning next year,
preventive care --

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including annual
physicals, wellness exams,

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and tests like mammograms --
will be free for seniors as well.

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That'll make it easier
for folks to stay healthy.

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But it will also mean that
doctors can catch things

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earlier, so treatment may
be less invasive and less expensive.

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And as reform ramps up
in the coming years,

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we expect seniors to save an
average of $200 per year in

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premiums and more than $200 each
year in out of pocket costs, too.

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This is possible in part through
reforms that target waste and

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abuse and redirect those
resources to where they're

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supposed to go: our seniors.

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We're already on track to cut
improper payments in half --

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including money that goes to
criminals who steal taxpayer

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dollars by setting up insurance
scams and other frauds.

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And we won't stop there.

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Because by preventing the
loss of these tax dollars,

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we can both address the runaway
costs of Medicare and improve

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the quality of care
seniors receive --

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and we can crack down on those
who prey on seniors and take

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advantage of people.

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So we are no longer
accepting business as usual.

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We're making tough decisions to
meet the challenges of our time.

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And as a result, Medicare is
stronger and more secure.

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That's important.

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Because Medicare
isn't just a program.

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It's a commitment to
America's seniors --

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that after working
your whole life,

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you've earned the security of
quality health care you can afford.

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As long as I am President,
that's a commitment this country

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is going to keep.

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Thanks.