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What do the changes to Medicare mean?

The new administration plans to push health care reform, and in the process overhaul Medicare, by eventually implementing what they refer to as premium support. What does that mean for Americans? It means that premium support would increase competition among health care providers, thus offering beneficiaries the choice of where to spend their money when choosing providers.

House Speaker Paul Ryan formulated one of the proposed plans that may replace Medicare. Should the Better Way plan come into being, it would move Medicare away from the current single-payer status. Right now the government pays for seniors’ health care into a system that inhibits health care costs by creating more competition from suppliers wanting the business.

Does this mean Medicare stands the chance of being eliminated? That remains to be seen. There are too many factors for any type of a clear answer to surface. The bottom line with Medicare as to whether it is phased out or replaced with a premium support plan rests on budgetary concerns.