In 2013 the Congressional Budget Office (CBO) researched how premium support, as suggested by House Speaker Paul Ryan’s “A Better Way,” would impact the federal budget, beneficiaries’ payments and choices.
The results of their research revealed that under the two different proposed premium support plans, that both would “reduce federal spending for Medicare net of beneficiaries’ premiums and other offsetting receipts.” Put another way, introducing premium support would adjust the current health care system and permit the free market to offer seniors the ability to pick plans suited to their health needs.
Based on this research, House Speaker Paul Ryan hopefully forecasts that by 2024, Medicare beneficiaries may see private insurers compete for their business on a proposed new Medicare Exchange. The futuristic plan would allegedly have no disruptions in the Medicare Fee For Service program for retired individuals or those about to retire. These individuals would also have the option to enroll in the new premium support program.
With research backing up Ryan’s conclusions that a free market choice is more beneficial to those seeking health insurance it appears that competition and choice may be the future of health care in the United States.