What’s the Latest on Medicare Reform?
Our Medigap Representatives Keep You Current
There is widespread support in the United States both for greater government involvement in health care and for government’s mainly staying out of the health care picture. Both sides, however, largely seem to agree that the time is ripe for Medicare reform.
Medicare has grown greatly over the years. Costs have increased far more than resources allotted to the program, and many people fear Medicare is nearing bankruptcy.
Following is information about two current proposals to reform Medicare. Each has gained considerable support in Washington and across the country, and one or both of these proposals may well form the basis of what lies ahead for Medicare.
Senior’s Choice Act
Introduced by Senators Richard Burr (R-NC) and Tom Coburn (R-OK), the Seniors’ Choice Act would allow seniors to choose private health care plans in place of Medicare. The bill put forth by Burr and Coburn would require seniors to undergo means-testing prior to receiving Medicare, and would raise the eligibility age from 65 to 67. The bill would also increase the financial responsibility of beneficiaries by requiring a $500 Medigap plan deductible, and would place a 50% coverage cap on the next $5,000 of out-of-pocket costs. The bill’s sponsors have indicated their proposal is aimed at making senior health care costs more transparent in an effort to discourage seniors from seeking costly but unnecessary treatments currently covered by Medicare.
This plan to privatize Medicare, put forth by House Budget Committee Chairman Paul Ryan (R-WI) and Sen. Ron Wyden (D-OR), is a bipartisan proposal aimed at forcing Medicare to compete in the marketplace. Federal contributions to individuals would be based on such competition, normally to the tune of the cost of the second-lowest-priced option available in an area, whether that option is offered by Medicare or one of its private competitors. Some candidates for this year’s Republican presidential nomination have voiced support for the Premium Support Plan.
Regardless of any coming changes to Medicare, you’ll be well prepared to face them if you have the Medicare supplement insurance you need to fill the gaps in Medicare. MedicareMall has over two decades’ experience shopping the market for the best plans to meet our clients’ needs, and we’re eager to do just that for you. Payments, coverage considerations, and service can vary widely from company to company, and you don’t want to be in the dark when it comes to your health care. Contact MedicareMall now and we’ll answer any questions you may have about Medicare supplement insurance (Medigap plans), Medicare Advantage, prescription drug plans, or any other type of coverage you’d like to know more about.