Lieberman partners with Coburn on Medicare plan

The latest plan to reform Medicare comes from a partnership of Sen. Joseph Lieberman, I-CT, and Republican Sen. Tom Coburn of Oklahoma. The pair unveiled the main details of their plan Tuesday, saying it could save more than $600 billion over 10 years, based on Congressional Budget Office estimates.

Here are some of the provisions, according to a news release from Lieberman’s office:

  • Extends the solvency of Medicare Part A (Hospital Insurance) by allocating half of the savings from the proposal to the Hospital Insurance Trust Fund.
  • Reduces Medicare’s 75-year unfunded liabilities by an estimated $10 trillion and significantly reduces the fiscal impact of Medicare Part B and Medicare Part D on the federal budget.
  • For the first time in the history of the Medicare program, the proposal will provide seniors with an annual out-of-pocket-maximum benefit within the Medicare program to protect them from bankruptcy in the event of a major illness or long term health condition.
  • Contains a three year fix to the Medicare physician reimbursement formula that is paid for and will bring stability and payments to the Medicare provider system, ensuring access for seniors.
  • Preserves Medicare as a government program for current and future enrollees.