The Hill
ourfuture.org
Republican presidential candidate Jeb Bush on Tuesday unveiled an entitlement reform plan that seeks to shore up the finances of Medicare and Social Security.
“Unless we make changes to Medicare and Social Security, their trust funds will be exhausted and benefits will be cut,” Bush wrote in a post on Medium. “[I]f we do not have an honest conversation about what it will take to protect Medicare and Social Security, we fail seniors and we will fail the next generation of Americans.”The former Florida governor's plan for Medicare, which he released ahead of the next Republican debate Wednesday, would shift the system into what is known as “premium support.”
Rep. Paul Ryan (R-Wis.) has been a vocal proponent of the move, which Democrats often denounce as ending Medicare “as we know it.”
Sen. Marco Rubio (R-Fla.), another presidential candidate, has made a similar proposal.
Bush argues the change would give seniors more options and lead to lower premiums. Under the proposed system, seniors would receive a fixed subsidy they could use to help buy either a private insurance plan or the traditional government-run plan.
One of Democrats' main critiques is that the amount of the subsidy would not be enough and would in effect cut benefits.
“Representative Paul Ryan (R-WI) and other courageous conservatives have championed this approach to improve the structure of Medicare,” Bush writes. “If we act now, we can leave the next generation of Americans with a more prosperous future.”
The Medicare Trustees report estimates that the Medicare trust fund will run out of money in 2030.
Bush also proposes other reforms such as allowing seniors to use health savings accounts. In addition, he would make wealthier seniors pay a higher share of their premiums, increasing what is known as means-testing.
On Social Security, Bush would gradually raise the retirement age, a proposal he casts as similar to one from the bipartisan Simpson-Bowles debt commission.
He also proposes to change the formula used to calculate Social Security benefits each year. That change, called the chained consumer price index, has won support from President Obama but is opposed by some liberals who say it effectively cuts Social Security.
Republican presidential candidate Jeb Bush on Tuesday unveiled an entitlement reform plan that seeks to shore up the finances of Medicare and Social Security.
“Unless we make changes to Medicare and Social Security, their trust funds will be exhausted and benefits will be cut,” Bush wrote in a post on Medium. “[I]f we do not have an honest conversation about what it will take to protect Medicare and Social Security, we fail seniors and we will fail the next generation of Americans.”The former Florida governor's plan for Medicare, which he released ahead of the next Republican debate Wednesday, would shift the system into what is known as “premium support.”
Rep. Paul Ryan (R-Wis.) has been a vocal proponent of the move, which Democrats often denounce as ending Medicare “as we know it.”
Sen. Marco Rubio (R-Fla.), another presidential candidate, has made a similar proposal.
Bush argues the change would give seniors more options and lead to lower premiums. Under the proposed system, seniors would receive a fixed subsidy they could use to help buy either a private insurance plan or the traditional government-run plan.
One of Democrats' main critiques is that the amount of the subsidy would not be enough and would in effect cut benefits.
“Representative Paul Ryan (R-WI) and other courageous conservatives have championed this approach to improve the structure of Medicare,” Bush writes. “If we act now, we can leave the next generation of Americans with a more prosperous future.”
The Medicare Trustees report estimates that the Medicare trust fund will run out of money in 2030.
Bush also proposes other reforms such as allowing seniors to use health savings accounts. In addition, he would make wealthier seniors pay a higher share of their premiums, increasing what is known as means-testing.
On Social Security, Bush would gradually raise the retirement age, a proposal he casts as similar to one from the bipartisan Simpson-Bowles debt commission.
He also proposes to change the formula used to calculate Social Security benefits each year. That change, called the chained consumer price index, has won support from President Obama but is opposed by some liberals who say it effectively cuts Social Security.
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