Gingrich Plan Has Social Security, Medicare Opt-Outs

Republican presidential candidate Newt Gingrich offers some radical financial changes in his new "21st Century Contract With America." He would permit people to opt out of Social Security and Medicare and to exit the current income tax system for a flat tax, The Hill reports.

For people who like things as they are, no changes would be required. But instead of Medicare, people could buy their own health insurance from a private company, and the government would partially reimburse the premium payments. Those who exit Social Security could create a private investment account.

Gingrich hopes the proposal will ignite his presidential bid, which is still alive despite several major miscues. A Fox News poll released Wednesday shows the former House Speaker with 11 percent support among Republican voters, which still gives him a fighting chance.