Medicare Advantage overbilling has cost taxpayers about $10 billion per year WashTimesOpEd
. The government’s clawback “threat” of $3 billion to $5 billion is just the start of a long, much-needed process to recover those funds. Even assuming a figure closer to $5 billion, these corrections will amount to only about one-fifth of 1% of Medicare payments to insurers over the period being audited.
The truth is that far more can be done to slow down expanding Medicare spending. America’s largest entitlement programs have remained largely unchanged since the New Deal and the Great Society. The Social Security Amendments of 1983 did implement a gradual increase in the Social Security retirement age , and those who turned 62 in 2022 now must wait five more years before getting full benefits.
The Medicare eligibility age has remained stuck at 65 since then-President Lyndon Johnson signed the Medicare Act into law in 1965. Putting the Medicare age back on parity with the full Social Security retirement age would have significant budgetary benefits. The federal government would likely raise the age gradually, perhaps by three months per year. If the age hike were fully implemented, taxpayers would save about $20 billion per year, or $200 billion over a 10-year period.
Reducing Medicare overbilling could save even more taxpayer dollars and deter future abuse of federal payments. While fiscal reforms will almost certainly encounter political hostility and implementation issues, doing nothing would be far worse. It is time to get the debt under control and give taxpayers a reprieve from endless IOUs. Scare tactics during the big game will not change the present situation.Copyright © 2023 The Washington Times, LLC.
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