The plan would transition Medicare from a defined-benefit system, in which the government is on the hook for whatever services seniors desire, to a defined-contribution system, in which the government pays out a dollar amount for health services, growing with inflation, incentivizing all participants in the system to prioritize health spending to those services that are most valuable.

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If we migrate Medicare over to a defined-contribution system, with the popular Medicare Advantage program as the backbone, we can get a lot closer to making sure that Medicare is still around when the next generation retires.

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