Key elements of the Seniors’ Choice Act include:
- Maximum out of pocket protection for seniors
- Increased cost-sharing for wealthier seniors
- Full premium payments by millionaires
- Modernized requirements on Medigap coverage to save seniors and taxpayers money
- Repealing the Independent Payment Advisory Board (IPAB)
- Incremental premium increase to save Medicare
- Increasing gradually the age of eligibility for participating in Medicare
- Making SGR a “bridge” to a new, better Medicare premium support model
The bill would implement competitive bidding and premium support in 2016 and create a new agency, the Medicare Consumer’s Protection Agency (MCPA), which would be independent of the Department of Health and Human Services and modeled after how the Federal Employee Health Benefits Program is administered.
You may read more about the Seniors’ Choice Act by following the links below:
Burr-Coburn: The Best Medicare Reform Proposal Yet, an analysis done by Forbes contributor Avik Roy.
GOP senators unveil new Medicare overhaul plan, 2-16-12, Chicago Post-Tribune/Associated Press, AP writer Ricardo Alonzo-Zaldivar reports on a new Medicare reform plan introduced by Senators Richard Burr (R, NC) and Tom Coburn, MD, (R, OK).