Medicare
Medicare has helped millions of seniors receive the health care they need, but it is going bankrupt. Every day 10,000 baby boomers retire, putting a considerable strain on Medicare. An aging population, declining birthrates and changes to worker demographics has put Medicare at risk. The Congressional Budget Office has stated that the Medicare Trust Fund will be exhausted in 2022. If this problem is not addressed, Medicare would require an immediate 24 percent increase in taxes or a 17 percent reduction in benefits to seniors to be in balance.
Instead of ignoring these hard truths, House Republicans have introduced their plan to preserve and strengthen Medicare. As a member of the House Budget Committee, I worked diligently on this plan and am proud to have voted for it. Our plan ensures that seniors will not face painful benefit cuts in the future and that Medicare will be there for my children and grandchildren.
First let me make one thing clear, this plan does not make any changes to those 55 years or older. Those in or near retirement will continue to participate in the traditional fee-for-service Medicare program. Our government made a solemn promise to our seniors and we need to honor that commitment. The House budget does just that by increasing Medicare spending each and every year—nearly $6.5 trillion in the next decade alone.
Beneficiaries will be able to choose from Medicare health plans competing for their business just like seniors enjoy today with Medicare Advantage or with their prescription drug coverage through Medicare Part D. Additionally, seniors could also keep traditional fee-for-service Medicare if that is their preference. All plans will compete against each other to drive down costs and improve value. Under this plan, guaranteed coverage for current and future beneficiaries is preserved, regardless of pre-existing conditions.
Key Points of the House Plan to Preserve and Protect Medicare:
- Keep traditional, fee-for-service Medicare if you want it,
- Or choose from competing plans for the coverage you want.
- You cannot be denied coverage.
- There are no changes for anyone 55 or older.
- If you are any age, you can choose to remain in the traditional fee-for-service Medicare plan.
Medicare is in a dire situation, but by taking the necessary steps now we can save and strengthen it for current retirees and future generations. The longer we wait to stave off Medicare from bankruptcy, the more painful choices we will need to make. Acting now is the responsible choice.
Related Links
Protecting and Preserving Medicare
FLOOR SPEECH: The Path to Prosperity, Protecting and Preserving Medicare
Ribble Advocates to Protect and Preserve Medicare
Ribble Votes to Keep Doctors and Seniors in Charge of Medicare