Wednesday, June 29, 2011

Joe Lieberman, Tom Coburn Plan To Slash Medicare Gets Cold Reception

Joe Lieberman, Tom Coburn Plan To Slash Medicare Gets Cold Reception

A new plan unveiled by Sens. Joe Lieberman and Tom Coburn to slash costs in Medicare is getting a cold reception on Capitol Hill.

The new effort aimed at bridging the partisan divide over debt reduction aims to cut more than $640 billion from Medicare over the next 10 years, largely by raising deductibles and other costs for beneficiaries.

It would require wealthier Americans to pay the full cost of their Medicare premiums, raise the eligibility age to from 65 to 67, create a minimum out-of-pocket deductible of $550 and raise premiums, among other changes.

In return for paying more and giving up benefits, seniors would get a cap on out-of-pocket expenses at $7,500 to ensure bankruptcy was less of a threat.

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