That's what it sounds like. From Ezra Klein:
There's nothing false about the claim that Ryan's plan would end Medicare as we know it. In fact, it's unambiguously true. Currently, Medicare is a government-run insurer that pays the health-care costs of all senior citizens. Under Ryan's plan, senior citizens would be given vouchers that they could use toward private insurance. Poor seniors would get more-generous vouchers, and rich seniors would get less-generous vouchers. The way Ryan saves money is by holding the growth of the vouchers beneath the growth of health-care costs, so as care costs more and more, the vouchers cover less and less.
