Here it is in Romney's own words:
Our next president must protect Medicare, improve the program, and keep it sustainable for generations to come. Several principles will guide my efforts.First, Medicare should not change for anyone in the program or soon to be in it. We should honor our commitments to our seniors.Second, as with Social Security, tax hikes are not the solution. We couldn’t tax our way out of unfunded liabilities so large, even if we wanted to.Third, tomorrow’s seniors should have the freedom to choose what their health coverage looks like. Younger Americans today, when they turn 65, should have a choice between traditional Medicare and other private healthcare plans that provide at least the same level of benefits. Competition will lower costs and increase the quality of healthcare for tomorrow’s seniors.The federal government will help seniors pay for the option they choose, with a level of support that ensures all can obtain the coverage they need. Those with lower incomes will receive more generous assistance. Beneficiaries can keep the savings from less expensive options, or they can choose to pay more for a costlier plan.Finally, as with Social Security, the eligibility age should slowly increase to keep pace with increases in longevity.These ideas will give tomorrow’s seniors the same kinds of choices that most Americans have in their healthcare today. The future of Medicare should be marked by competition, choice, and innovation—rather than bureaucracy, stagnation, and bankruptcy.
A conservative columnist from the New York Times, David Brooks, recently praised the plan:
Romney's Medicare proposal exemplifies the sort of big reformist vision that should be at the center of a serious Republican campaign.
Brooks goes on to discuss the positives of the plan by saying that it allows for America to experiment with different health care reform options to see which ones are most effective.