Making Medicare Work: Ensuring Coverage in an...

Medicare is a promise that whatever health care retired individuals need will be covered at public expense. That promise must be honored, even if it means raising taxes or reducing spending in other areas. As things stand, elderly persons are paying more than ever for out-of-pocket medical expenses that are not covered by Medicare. Minor adjustments can be made to reduce the program's cost, and aggressive measures should be taken to reduce fraudulent claims. But it is immoral and unthinkable to reduce medical benefits for the nation’s seniors.

Unless we revisit what Medicare promised, the program will drive up either our taxes or our national debt so much it will cripple the nation. Before the baby boomers retire, we need to pare down benefits to make them more affordable. Even more importantly, we need to change the system so that affluent retirees pay more of their own health care costs. In this way, we can maintain benefits for those who need them the most.

We would be better off if Medicare were no longer a public program for older Americans. Instead, it should be replaced by a combination of required and voluntary individual medical savings accounts. This approach would make health care in old age more a matter of personal responsibility, rather than a government or social responsibility. This would encourage people to take care of themselves, while relying on market forces to bring costs down.