A "growing, bipartisan consensus" exists among lawmakers about the "greatest threat to our nation's long-term economic prosperity: the explosion of entitlement spending," which "Washington is not planning to address ... this week, or any time soon," effectively "shackling our future with unsustainable debt and taxes," Rep. Paul Ryan (R-Wis.), a member of the House Budget Committee, writes in a Wall Street Journal opinion piece.
In response, Ryan writes that he plans to introduce a "comprehensive legislative plan called 'A Roadmap for America's Future.'"
According to Ryan, the bill would shift ownership of health insurance from the government and employers to individuals and provide refundable tax credits of $2,500 for individuals and $5,000 for families to purchase coverage. In addition, the legislation would allow individuals to purchase health insurance across state lines, he writes. Ryan adds that the legislation would "provide universal access to affordable health insurance" and prompt health insurers to "diversify coverage at competitive prices."
The bill would "encourage, and enable, people to shop for the coverage best suited to their needs and financial circumstances," he writes, adding, "The active participation of individuals and families in a national, competitive market will restrain health care costs." The legislation also "establishes transparency in health care price and quality data" and "encourages the adoption of health information technology," Ryan writes.
Medicare, Medicaid Provisions
In addition, he writes, the bill "modernizes Medicaid by giving states maximum flexibility to tailor their Medicaid programs to the specific needs of their populations" and allows beneficiaries to "avail themselves of the health coverage options open to everyone else through the tax-credit option." The legislation also "secures the existing Medicare program for those over 55" and provides individuals younger than age 55 with an annual payment of as much as $9,500 to purchase health insurance "either from a list of Medicare-certified plans or any plan in the individual market, in any state."