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.