Sen. Rand Paul's Medicare Reform Bill: $1 Trillion in Savings in 10 Years

By:  Joe Wolverton, II, J.D.
08/06/2013
       
Sen. Rand Paul's Medicare Reform Bill: $1 Trillion in Savings in 10 Years

Senator Rand Paul (R-Ky.) has offered a Medicare reform bill that will cut $1 trillion in the first decade and will open the marketplace of insurance to seniors.

Senator Rand Paul (R-Ky.) introduced legislation on August 1 that would change the cost and the function of Medicare.

Paul, a medical doctor, claims that his Congressional Health Care for Seniors Act (CHCSA) would “fix the Medicare system in its entirety,” and save taxpayers $1 trillion in the first decade after its enactment.

"As a doctor, I have had firsthand experience with the vast problems facing health care in the United States. Medicare, as we know it, is broken and in desperate need of reform. It is indefinitely $43 trillion short and must be reformed now before it's too late. My plan fixes the Medicare system, and gives seniors access to the best health care plans enjoyed currently by Members of Congress and does so without breaking the bank," Dr. Paul said. "Seniors deserve to have a world-class health care system, and U.S. taxpayers deserve to have their hard-earned dollars put to better use, in a system that will not eventually bankrupt this country."

In its analysis of Paul’s proposal, United Liberty reports:

Seniors would have access to a marketplace of various insurance plans that cannot deny coverage to anyone for any reason. While the government still pitches in with about three-quarters of the total costs, the open market makes it fairly less complicated for the senior to find a more inexpensive option, since companies will have to compete to meet the needs of growing numbers of customers. The Congressional Health Care for Seniors Act assures that there’s a gradual raise in the Medicare retirement age, which would go from 65 to 70 over a generation, leading to a major cut in overall costs.

It is undeniable that Medicare pays out more in benefits than it takes in through payroll tax.

Click here to read the entire article.

Photo of Sen. Rand Paul: AP Images

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