UPDATED: Health Industry Group Endorses Raising Medicare Eligibility Age, Partial Privatization | The Washington Post’s Sarah Kliff tweets that the Health Leadership Council — a group of 47 industry leaders from health insurance and drug companies — has officially endorsed raising Medicare’s eligibility age, arguing that it would save the federal government $124 billion over 10 years. Health care providers stand to profit from the policy, which would essentially move those on the younger end of the Medicare population into the higher-reimbursing private policies on the exchange. They also see the option as a way to stave off further payment cuts.
The group is also encouraging members of the Super Committee to embrace a version of Rep. Paul Ryan’s Medicare privatization plan. Form their site:
HLC members acknowledged the proposed Exchange would inevitably be compared to the Medicare reform concept contained in Congressman Paul Ryan’s (R-WI) proposed budget. Differences, however, include the fact that Medicare beneficiaries would have the option of staying in traditional fee-for-service Medicare and there would be a more generous inflation factor – growth in GDP plus one percent – for premium subsidies.