By Tami Luhby, CNN
The White House often says President Obama has a plan for reforming entitlements, particularly Medicare.
However, the specifics of that proposal don’t spring to mind as easily as the reforms being bandied about in Republican circles, such as providing seniors with vouchers to pay for premiums or raising the retirement age.
That’s partly because Obama last laid out his reforms in February 2012 as part of his budget proposal. The president did little more than touch on these plans on the campaign trail last year and again in last month’s State of the Union address.
But as policy makers dig in for an extended battle on deficit reduction, Obama’s Medicare reform plans are likely to get a lot more attention soon. Rep. Paul Ryan is expected to release his budget, which will update the GOP’s proposals to rein in health care spending on the elderly, on Tuesday.
The president’s plan focuses mainly on reducing payments to drug companies and hospitals, though he would also raise revenue by asking wealthy seniors and new beneficiaries to pay more. All told, his reforms would cut health care spending by $400 billion, according to updated estimates by the White House.
Here’s are some of the key things that Obama would do: (more…)