Medicare currently covers more than 61 million Americans and is projected to cost $943 billion in FY 2022. However, the current program is fiscally unstable and outdated. The proposal by the Republican Study Committee seeks to revamp the crucial program to give our seniors the access and choices to the healthcare they deserve. The proposal seeks to adjust the Medicare eligibility age to reflect life expectancy by aligning the age with the retirement age for Social Security.
Other ways the proposal seeks to reform medicare is by:
-Standardizing Medicare reimbursement across delivery sites
-Address waste, fraud, and abuse
-Eliminate Medicare’s responsibility for “bad debt”
-Eliminate duplicative and market-distorting subsidies for Medicare plans
-Allowing seniors to keep their insurance