As bipartisan talks between Republicans and Democrats continue in Washington regarding Medicare and budget deficits, two senators are proposing something unique or let’s just say, ‘out-of-the-box’. Case in point: Sen. Joseph Lieberman, I-Conn., & Republican Sen. Tom Coburn of Oklahoma both proposed yesterday to raise Medicare’s age eligibility to 67. At the same time, the two senators say their proposal will reduce our nation’s deficit (stands at $14.3 trillion) in the long run. With both major political parties continued disputes over budget cuts, Sen. Lieberman and Sen. Coburn’s suggested plan includes the following:
- The age of eligibility for Medicare would rise gradually from 65 to 67.
- For the first time, better financially secured seniors would be charged more money for Medicare Part A, which covers hospital care.
- Both proposes that insurance companies stop selling ‘Medigap’ policies, which offer first-dollar coverage in order to produce savings.
- The plan also includes a $7,500 limit on out-of-pocket costs for doctor or hospital coverage.
Whatever the outcome of both senators’ proposals come to be, one thing is certain: next year’s elections will make an impact, albeit a big or small one when it comes to Medicare or other government funded programs.
Credit source: AP writer Ricardo Zaldivar.