On the republican road to getting rid of as much government as they can, their efforts to dissolve safety nets for the population has now been cast over Medicare.
Wisconsin republican Rep. Paul Ryan, who chairs the House Budget Committee, has a budget plan that would cut $4 trillion over the next ten years, much of it by getting rid of Medicare, according to Think Progress.
“The plan would essentially end Medicare, which now pays most of the health-care bills for 48 million elderly and disabled Americans,” according to the Wall Street Journal.
Medicare will be replaced by private insurance. Ryan’s plan includes giving money directly to insurance companies to help cover premiums, with a cap of $15,000.
If there is no limit to the amount an insurance company can charge the highest risk group in the nation, namely the elderly, former Medicare recipients will end up with considerably less coverage.
The Ryan plan amounts to little more than taxpayers paying for health insurance twice; once out of pocket, and once through government subsidy payments to insurance companies with their tax dollars.
Insurance companies have posted record profits throughout the worst recession in 70 years. In 2010, insurance company profits were up 41%, according to Healthinsurance.org.
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