When Medicare was established in 1965 as part of LBJ Great Society. It was one of the few Entitlement Programs that the Federal Government has designed well. It has literally met all the goals that it was designed for. To make sure that all Senior Citizens in America have affordable Health Insurance and Health Care. And it even has its own revenue to pay for it, so its not a burden on Tax Payers or the Federal Government. Half of the Payroll Tax, the Payroll Tax that finances both Medicare and Social Security. As well as partially charging Medicare Patients for their Health Care. But one issue that has developed with Medicare and its not the fault of Medicare, is that its growing faster, then the money is coming in to pay for it. Meaning more people are signing up for it, then are paying into it. And if this continues, there won’t be a Medicare, because there won’t be the money to pay for it.
There have been some different proposals that have come out to reform Medicare. One created back in the lat 1990s, that was created by the President Clinton’s Bi Partisan Medicare Commission. That was something like Medicare Choice, where Medicare Patients would have a choice. Either stay on Medicare or move to private Health Insurance and the money you put into Medicare. Would go pay for your private Health Insurance. If you choose to go that route, which brings Freedom of Choice to the Medicare System. And lets people decide for themselves where they get their Health Insurance. Which is a lot better then Rep. Paul Ryan’s plan to convert Medicare into a Voucher System. That would give Senior Citizens vouchers to pay for part of their Health Insurance. The only issue being that they would no longer be able to select Medicare. So it would give Seniors less choice with their Health Insurance.
What I would like to see done with Medicare, is to get Congress’s and the Administration’s hands off of it. Whoever in charge of Congress or the White House. And convert it into an independent Non Profit Health Insurance service. With its own management, with the ability to make their own decisions. That would fall under the same rules as private Non Profit Health Insurance company’s. That would still come under oversight from the Administration and Congress. But operated independently. As well as charging High Earners more in the Payroll Tax that funds Medicare. And more for their premiums. This would save the Federal Government 700B$ a year, that they would no longer have to spend to finance Medicare and save the program. It would cut a lot of Federal Red Tape for Medicare, because they would no longer need to seek approval from the Administration or Congress to make a decision. As well as allowing Seniors to either select Medicare when they are eligible. Or select other Health Insurance.
We should also raise the eligibility age t from 66-67 to 70, which would also save a lot of money. Medicare is probably the best Health Insurer in American History. We don’t need to end it, we can afford to keep it. If we reform it and run it better.