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Released: December 15, 2011

Ryan’s new approach to preserving Medicare

Source: Lori Montgomery, Washington Post (Free Registration)

House Budget Committee Chairman Paul Ryan, who has been castigated by Democrats and hailed by Republicans for his plan to privatize Medicare, will on Thursday unveil a new approach that would preserve the 46-year-old federal health program.

Working with Democratic Sen. Ron Wyden (Ore.), the Wisconsin Republican is developing a framework that would offer traditional, government-run Medicare as an option for future retirees along with a variety of private plans.

Seniors would still receive a set amount of money from the government to buy insurance, as they would under the Medicare proposal Ryan included in the budget blueprint that passed the House last year. But the new approach would let that subsidy, known as premium support, rise or fall along with the actual cost of the policies — creating more protection for seniors and saving potentially far less in the budget.

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