After criticizing Republicans who proposed cuts to Medicare, President Biden is doing it himself. Biden is proposing a Medicare cut inside the Medicare Advantage program, the form of Medicare that nearly half of seniors have enrolled in.
Whereas President Donald Trump simply passed on the issue entirely, Biden has chosen to lie about it actively, accusing Republicans of wanting to cut the programs on the slimmest of evidence. Meanwhile, Biden himself is proposing a Medicare cut inside the Medicare Advantage program, the form of Medicare that nearly half of seniors have enrolled in.
Medicare Advantage was created back in 2003 as an alternative way for seniors to get their Medicare benefits. Instead of enrolling in traditional Medicare with Part A and Part B , with the need to buy a “Medigap” policy to cover what Medicare doesn’t, seniors could get their benefits through Medicare Advantage instead. This option allowed a health insurer to offer a comprehensive package of benefits similar to what seniors can obtain in Part A, Part B, and Medigap combined.
Younger seniors have taken to Medicare Advantage since it looks much more like the private sector health insurance they have just exited from in the working world. And what’s not to like? Besides the premiums that come out of a Social Security benefit, Medicare Advantage plan enrollees pay an average additional premium of $18 per month. There are out-of-pocket limits and coverage for things traditional Medicare doesn’t touch. And if a plan isn’t working, seniors can pick a new one every year.
The biggest reform we should make to Medicare Advantage is to increase government support for poorer and sicker seniors to buy Medicare Advantage packages. This could be paid for by lessening the government support that wealthier and healthier seniors get today. Shifting the subsidy in this direction would essentially give all seniors a defined contribution of program dollars to buy a plan, with some additional help for those who need it.
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