"Chris Dodd is focusing on seniors early in this campaign. He has always made seniors a priority."
– Barbara Kennelly
Chris Dodd understands that security in retirement is one of our most fundamental values as Americans. After a lifetime of hard work and paying taxes, seniors deserve the dignity of a secure retirement – reliable health care, affordable housing and prescription drugs, secure pensions, and a strong Social Security and Medicare. With proven leadership that ensures a promise made is a promise kept, Chris Dodd believes every senior can look forward to their golden years with optimism.
As President, Chris Dodd will:
- Provide a secure pension to every American worker through a Universal 401K account
- Ensure seniors’ financial security by protecting them from scams and financial fraud
- Commit $1 billion in his first term to expand the supply of affordable senior housing
- Provide affordable, quality health care to every American and drive down the cost of prescription drugs
- Provide added resources for affordable home and community based care
- Strengthen and secure Social Security and Medicare for generations to come
- Provide seniors with everyday supports and opportunities to participate more fully in their communities
A Financially Secure Retirement for Every Senior:
Universal 401K – America’s private pension system currently covers less than half of America’s workers. The Dodd plan will expand financial incentives to save for retirement by creating a Universal 401K plan. Modeled on the federal government’s Thrift Savings Plan (TSP) for federal employees -- a retirement savings plan that provides a limited range of investment options and services in exchange for a low fee -- all American workers will have the option to contribute to an individual Universal 401K account through automatic payroll deduction. Tax refunds would be eligible for automatic deposit into the accounts and a mechanism would be available to allow employers to match employee contributions. This low-cost, easy to access pension plan will act as a supplement to Social Security upon retirement.
Consumer Protection for Seniors – Americans of all ages should have access to materials that help them manage their finances and save for the future, especially as it relates to their retirement. Chris Dodd will replace the Office of Financial Education at the Treasury Department with an Office of Financial Empowerment at the Assistant Secretary level. The Assistant Secretary will be charged with creating, monitoring and coordinating programs that educate Americans on saving for their future, on managing credit and debt, and on selecting lenders and avoiding predatory lending practices. Funds will be provided for direct consumer counseling and physical outreach into local communities. Recognizing that older Americans are often targeted by financial scams that erode assets and clean out retirement savings, Chris Dodd will also charge the Assistant Secretary with educating Americans about financial fraud and scams, monitoring such fraud and scams, and referring criminal and illegal activities that are encountered to the Department of Justice and the SEC.
Affordable Housing for Seniors – As President, Chris Dodd will commit an additional $1 billion in his first term to expand the supply of affordable senior housing. He will also protect seniors by putting a stop to predatory home lending practices, and ensure that more seniors can obtain reverse mortgages to draw upon the equity they have in their homes if needed to meet the daily costs of living healthy, secure and independent lives.
Strengthening and Securing Social Security – Seventy years after it was created by FDR, Social Security still provides the majority of retirement income for most American workers. Chris Dodd will ensure that Social Security is strong not only for this generation of seniors, but for generations to come. He will act to ensure Social Security’s long-term solvency now – not by privatizing it, but by getting our fiscal house in order. Social Security provides a guaranteed standard of living that gives millions of Americans peace of mind as they look towards their retirement. Chris Dodd will never risk this security through private accounts.
Secure Pensions, Secure Retirements - Having helped author the Sarbanes-Oxley Act so that families could feel more confident that their investments were secure after the Enron scandal, Chris Dodd understands that no worker’s pension should ever be used to pay for someone else’s mistakes. As President, Chris Dodd will strengthen federal oversight of pension programs to ensure that the dollars invested in them are available only to the workers that have made the contributions.
A Healthy Retirement for Every Senior:
Affordable, Quality Health Care for Every American - The Dodd plan will provide universal, affordable health care to every American regardless of their job status, income level or preexisting condition. As President, Chris Dodd will create a health insurance marketplace called Universal HealthMart based on and parallel to the Federal Employees Health Benefits Plan (FEHBP). Individuals and businesses will contribute based on their ability to pay. Coverage will be portable and focus on prevention: people who make personal choices to improve their health through smoking cessation, weight loss, and improved fitness will have access to plan rewards and incentives. Regular screenings for cancer, heart disease and other ailments will be covered. Models of chronic illness management and coordinated care will be included in every plan. Prescription drugs will be covered. Investments will be made in information technology and data collection for better care. Premiums will go down due to leveraged negotiating power, spreading risk, reduced administrative costs, and incentives for technology and preventive care.
Driving Down Prescription Drug Costs - Too often, even when older Americans can afford their doctors visits, they can’t afford their prescriptions. The Dodd plan will ensure that all seniors have access to affordable prescription drugs. As President, Chris Dodd will require Medicare to harness its tremendous purchasing power to negotiate lower prescription drug prices for its beneficiaries. In addition, he will eliminate the so-called “doughnut hole” in Medicare Part D drug plans to ensure that seniors have adequate, continuous prescription drug coverage year round, and he will legalize the importation of safe prescription drugs from countries like Canada. Chris Dodd will also ensure that seniors are adequately informed about the drugs they are prescribed in clear, easy-to-understand language.
Strengthening and Securing Medicare – One of the twin pillars of retirement security in America, Medicare guarantees access to affordable health care for those over 65. Chris Dodd will maintain America’s commitment to this historic program and work to strengthen it by ensuring that visits to the doctor and prescription drugs are affordable. Allowing Medicare to negotiate for lower prescription drugs and eliminating the so-called “doughnut hole” in Medicare Part D to ensure coverage all year round will be cornerstones of Medicare reform. In addition, Chris Dodd will ensure that Medicare rules are modified so that seniors are allowed to age in place while receiving the care and services that they need.
Affordable Home and Community-Based Care - Today, our seniors are living longer, healthier lives through the miracle of modern medicine. As a result, the demand for long-term care is projected to double over the next decade as the baby boom generation begins to retire, placing unimaginable strains on families. To ward off this looming crisis, Chris Dodd is proposing a comprehensive and coordinated long-term care strategy including both public and private efforts that allow for maximum flexibility in providing for care that is community-based. As President, Chris Dodd will launch an “Aging in Place” initiative. Through this initiative he will work with states and local governments to develop community-based alternatives for the delivery of care to the elderly and disabled. Chris Dodd will also eliminate the “homebound” rule in Medicare so that seniors and the disabled are not required to be stranded at home in order to receive services. Seniors should be allowed to maintain their independence at home or in their communities with expanded and affordable options for long-term care.
Dignity and Opportunity in Retirement for Every Senior:
Caring for the Caregivers – Recognizing that there is an entire generation taking care of their elderly parents, a Dodd Administration would provide 8 weeks of paid benefits for people who take family and medical leave for reasons currently allowed under the Family and Medical Leave Act, including the care of a sick parent. Costs will be shared by employees, employers, and the federal government through contributions to a “Family Leave Insurance Fund.” This financing structure will allow paid family medical leave to pay for itself with little cost to the federal government and taxpayers. Employers will pay leave benefits to employees through their regular payroll, with prompt reimbursement from the Insurance Fund. Benefits will be tiered based on wages.
Senior Heroes – We can pass on no greater gift to future generations than the lessons of the past. Yet, too often, we fail to draw upon the experience, knowledge and ideas of our greatest generation. A Senior Heroes Program will provide such an opportunity by encouraging retired Americans already living longer, healthier lives to volunteer in our nation’s schools. In exchange for giving 1,000 hours of their time in our nation’s public schools, seniors will earn a $1,000 education award to further their own education or that of a designated child. Under the Dodd plan, Senior Heroes will be eligible to receive this award tax–free.
Strengthening and Modernizing the Older Americans Act – Chris Dodd will ensure that seniors receive the services that they need to live full and healthy lives by investing additional resources in the Older Americans Act, the major federal vehicle for the delivery of social services to the elderly. This includes increased investments in nutrition programs, family caregiver support, one-stop access points for information on long-term care, and funding for elder abuse, neglect and exploitation prevention programs.
Energy Assistance for Seniors Who Need It – Chris Dodd believes good and decent societies take care of their most vulnerable. As President, he will ensure older Americans are protected from extreme heat or cold in the summer or winter months by significantly expanding funding for the Low-Income Home Energy Assistance Program (LIHEAP).
