Medicare - If You Care About Cost Control, Don’t Let Them Change It To Premium Support!

I have read yet another article regarding this same topic and thought I’d share it.

This particular MarketWatch article by Alicia H. Munnell is entitled, "If you care about cost control, don’t mess with Medicare.” You can find a web link to it below.

Excerpt from article:

"Speaker of the House Paul Ryan is proposing a big change to Medicare as part of the broad-ranging Better Way plan.  Under the current Medicare program, the government provides health insurance for people 65 and over and adults with disabilities.  Under the Better Way plan, the government would provide a voucher, and the elderly and disabled would select a plan from a private insurer. Speaker Ryan argues that this change will help make the Medicare program more fiscally stable.”1 

With the current Medicare system, Medicare beneficiaries have a guaranteed set of benefits. Replacing those guaranteed set of benefits with a fixed dollar amount (via a voucher), the Medicare beneficiaries would be responsible for the remaining amounts not covered by the vouchers.

"Under the voucher plan, the government can keep its costs low by limiting the size of the voucher, but that strategy would only lead to an enormous financial burden falling on vulnerable elderly and disabled individuals.”1 

Additionally in the article, it goes on to mention that Medicare spending grows more slowly than private insurance spending.

To read the entire article click on web link below:

1. Source: MarketWatch article by Alicia H. Munnell entitled, "If you care about cost control, don’t mess with Medicare. "

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