Medicare's 60th birthday marks a shocking milestone for social democrats: More than half of all beneficiaries are signed up with private insurance plans that routinely deny payments. This paper flips the focus from the government program itself to the broader health care markets in which Medicare operates. I show how Medicare has lived through four very different health market eras. Each involves new kinds of medical institutions, new financial logics, and new thinking about what markets are and what role they ought to play in the program. First, during the long battle over Medicare, government programs and markets were (quite mistakenly) viewed as simple opposites. Second, in the 1970s, a new view emerged: Competition between HMOs would provide enrollees choice of providers, enhancing quality and lowering costs. Third, in the 1980s, Republicans pressed market choices into Medicare - drawing on rhetorical images from a bygone era
as conservatives were imagining medical markets, corporations arrived, asserted vast controls over medicine, and redirected consumer choice itself -- from selecting health providers to picking between insurance plans. Finally, beginning in the 2000s, private equity poured into health care and, once again, transformed the market. By Medicare's 60th birthday, enrollees found themselves in turbulent new era as health care in America was growing increasingly monetized.