Two senators introduced a bill on the Senate floor on Wednesday that would provide individual taxpayers with a detailed annual account of how much they have contributed to Medicare over their lifetimes.
The bill, introduced by Sens. Bob Corker (R-Tenn.), and Michael Bennet (D-Col.), is aimed at highlighting the insolvency within the current Medicare system.
For example, Corker said a couple earning $43,000 each per year will receive, on average, $357,000 in total lifetime Medicare benefits, while contributing just $119,000.
“This obviously doesn’t add up,” said Corker from the Senate floor on Wednesday. “If Americans can see first hand this difference between what they pay in and what they will receive in benefits, then hopefully we can get momentum behind reforms to preserve the system for current and future generations.”
The Medicare statement, which would be received in the mail or by email by all taxpayers over 25-years old, would include the amount the taxpayer has paid, what he is expected to pay over his lifetime, as well as benefits consumed and benefits he is expected to consume.
“Reforming the system will require all Americans to better understand what’s at stake, and this new statement will help,” Corker concluded.
Similar legislation has been previously introduced in the House by Rep. Paul Ryan (R-Wisc.).