President Obama (D)
- Keep traditional Medicare. Slow costs by cutting $716 billion in payments to doctors and hospitals. Seniors' benefits would not change.
- Premiums adjust to reflect cost of living increases.
- Close the prescription drug "donut hole" by 2020 so seniors have less out-of-pocket costs for medications.
- Cover preventive services such as annual doctor visits and screening tests without a co-payment or deductible.
Governor Romney (R)
- Transform Medicare into a market based system called "premium support," also known as vouchers.
- Give beneficiaries a set amount of money to buy a plan of their choice, including traditional Medicare.
- No cuts to Medicare funding.
- Increase eligibility age from 65 to 67.
- Provide less "premium support" to wealthier Americans.
- Changes would start in 10 years.