House Budget Committee Chairman Paul Ryan, R-Wis., on Thursday will announce a bipartisan plan to preserve Medicare in its current form.
Ryan is working with Sen. Ron Wyden, D-Ore., on a plan that would, starting in 2022, keep the government program as an option for retirees in addition to private plans.
Retirees would still receive a set amount of money to buy insurance, a key part of Ryan's budget blueprint which passed the House earlier this year. But the actual subsidy that seniors receive would fluctuate with the costs of their policies. This would provide more protection for seniors, and possibly less budget savings.
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