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What does the Congressional Budget Office research show about premium support?

In 2013 the Congressional Budget Office (CBO) researched how premium support, as suggested by House Speaker Paul Ryan’s “A Better Way,” would impact the federal budget, beneficiaries’ payments and choices.

The results of their research revealed that under the two different proposed premium support plans, that both would “reduce federal spending for Medicare net of beneficiaries’ premiums and other offsetting receipts.” Put another way, introducing premium support would adjust the current health care system and permit the free market to offer seniors the ability to pick plans suited to their health needs.

Based on this research, House Speaker Paul Ryan hopefully forecasts that by 2024, Medicare beneficiaries may see private insurers compete for their business on a proposed new Medicare Exchange. The futuristic plan would allegedly have no disruptions in the Medicare Fee For Service program for retired individuals or those about to retire. These individuals would also have the option to enroll in the new premium support program.

With research backing up Ryan’s conclusions that a free market choice is more beneficial to those seeking health insurance it appears that competition and choice may be the future of health care in the United States.

Posted on Friday, January 27th, 2017. Filed under Life Insurance.

The debate over privatizing the provision of public insurance continues

There are two points that say privatization of public insurance is good in that it offers consumers more options and increases competition in the insurance industry. Proponents for privatization say both those changes would be financially beneficial for consumers in the long run.

House Speaker Paul Ryan whose alternative proposal, A Better Way, is being touted as a possible solution to revamping the health care system, says “The Medicare premium support payment would be adjusted so that the sick would receive higher payments if their conditions worsened; lower-income seniors would receive additional assistance to help cover out-of-pocket costs; and wealthier seniors would assume responsibility for a greater share of their premiums.”  

One of the main reasons for the drive to make changes to Medicare is the continued aging of the population and the ratio of those employed to those retired declines. Disparities such as this contribute to an economic conundrum that the new administration hopes to bring under control.

While the way may not yet be clear, Paul Ryan’s “A Better Way” may offer some viable solutions.

Posted on Thursday, January 26th, 2017. Filed under Health Insurance.
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