Plans for Vouchers
The future of Medicare is a heavily debated topic in Washington. Legislators are proposing a new voucher system which is very similar to the model of Medigap or Medicare Supplemental Insurance Plans.
The voucher system would essentially give the old Medicare system the boot. Instead, seniors would receive a subsidy, most likely based on income, to use to purchase private insurance. With this system in place, seniors would now have to spend more time shopping around for the lowest rates and most all-encompassing insurance plans.
This could complicate the issue of being denied coverage for pre-existing conditions.
As with any other health insurance, it will be advised that Americans are proactive in finding a senior health plan before they experience health problems.
Federal employees use a system similar to Medicare Supplement Insurance Plans and the proposed voucher system. House Budget Committee Chairman Paul Ryan sees this as a promising feature of the vouchers. The system has worked for people of certain demographics, but the question is, are they a solution for everyone? The answer will depend on the amount of subsidies the government is able to offer. Medicare was created 46 years ago for people who couldn’t afford private health insurance. Democrats and Republicans will have to work together to ensure a flawless system is in place.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.
