U.S. Sen. Ron Wyden (D-Ore.) and Rep. Paul Ryan (R-Wis.) have released a new bipartisan plan that looks to revamp Medicare by creating a fixed federal payment for each beneficiary, according to a New York Times report.
Under the proposal, Medicare's growth would be capped such that spending for it would not increase more than the growth of the economy, plus one percentage point, according the report. Additionally, Medicare would subsidize premiums charged by private payors that care for Medicare Advantage beneficiaries, according to the report.
Congress would also establish a health insurance exchange for Medicare beneficiaries in which private payors would be able to compete with the Medicare program.
Rep. Ryan said the current proposal is different from the one he proposed earlier in the year because it would preserve the fee-for-service Medicare program option for all enrollees, according to the report. Medicare beneficiaries and Democrats who have defended Medicare are expected to fight the proposal.
Under the proposal, Medicare's growth would be capped such that spending for it would not increase more than the growth of the economy, plus one percentage point, according the report. Additionally, Medicare would subsidize premiums charged by private payors that care for Medicare Advantage beneficiaries, according to the report.
Congress would also establish a health insurance exchange for Medicare beneficiaries in which private payors would be able to compete with the Medicare program.
Rep. Ryan said the current proposal is different from the one he proposed earlier in the year because it would preserve the fee-for-service Medicare program option for all enrollees, according to the report. Medicare beneficiaries and Democrats who have defended Medicare are expected to fight the proposal.
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