Senators introduce bipartisan bill aimed at showcasing Medicare’s insolvency

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 all taxpayers over the age of 25 would receive in the mail or by email, would include the amount the taxpayer has paid, what he is expected to pay over his lifetime and benefits consumed, as well as 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-Wis.).