Medicare suffers from multiple chronic conditions. Its Hospital Insurance Trust Fund just lost four more years of fiscal life expectancy. Overall spending for Medicare keeps growing faster than the economy. The benefit package remains out of date and fails to protect seniors against catastrophic costs. Medicare bureaucrats set the prices of thousands of services but know the market value of very few of them. On March 3 President Bush proposed a new framework for modernizing and improving Medicare, but he left most of the details to Congress. Will this year’s version of Medicare reform deliver market-based health care to seniors? Or will Medicare reform simply mean more money spent on an expanded version of the traditional program? Join Cato’s Tom Miller as he explains, not just where Medicare policy is headed, but where it should go.