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What Are the Key Components of U.S. Sen. Ron Wyden’s (D-Ore.) and U.S. Rep. Paul Ryan’s (R-Wis.) Medicare Reform Plan?
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Key reforms include:
•    Beginning in 2022, open up Medicare to private insurance plans that provide at least as comprehensive a benefit plan as traditional Medicare (also known as Original Medicare; it is hospital insurance (Part A) and medical insurance (Part B)). The Medicare exchange marketplace would supplant Medicare Advantage Plans (Part C).
•    Provide beneficiaries with a premium support payment subsidy to help pay for the premium of the plan chosen by the beneficiary. To determine the federal premium support contribution amount, all plans, including the traditional fee-for-service (FFS) option, would participate in an annual competitive bidding process. The second-least expensive approved plan, or FFS Medicare, whichever is least expensive, would establish the benchmark that determines the premium support contribution amount.
•    Program growth would be determined by the competitive bidding process — on the assumption that choice and competition would force providers to reduce costs and improve quality. As a backup, program growth after 2022 could not exceed nominal gross domestic product (GDP) growth plus 1 percent.
•    Premium support contributions would be adjusted to account for differences in income: lower-income beneficiaries would receive a full subsidy and higher-income beneficiaries would receive less money.


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READ MORE ABOUT THIS TOPIC: The Wall Street Journal, “Rep. Paul Ryan Unveils Revised Medicare Reform Plan,” Dec. 15, 2011.
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