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The Latest on Medicare

By CAP Action War Room on October 15, 2012 at 5:55 pm

"The Latest on Medicare"

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GOP Plan to End Medicare Means Higher Costs for Seniors

Medicare is in the news today, for reasons both good and bad.

The good reason: today is the beginning of open enrollment for Medicare Advantage and prescription drug plans. Thanks to Obamacare, enrollment in Medicare Advantage is up and premiums are down.

The bad reason: yet another study confirms that a plan very similar to the Republican plan to end Medicare and turn it into a voucher program will indeed raise costs for seniors — forcing them to pay significantly more each year for the same benefits they have today.

This echoes the results of several other studies, including a Center for American Progress Action Fund analysis showing that the Republican plan will raise costs for current seniors by $11,100 and by as much as several hundred thousand dollars for future seniors.

This infographic breaks down how much the Romney-Ryan plan to end Medicare will impact you, your parents, grandparents, and children:

And it’s not only seniors’ health care costs that will go up under the Romney-Ryan plan. The GOP plan will dramatically increase insurance company profits as well. Here’s President Obama describing the findings of a the study at a September campaign event in Florida:

In fact, one report just said that by the end of the next decade, our opponent’s plan would mean as much as $16 billion to $26 billion in new profits for insurance companies.  So basically, your costs would rise by the thousands so that their profits could rise by the billions.

BOTTOM LINE: The Republican plan to end Medicare will raise health care costs for seniors by thousands of dollars in order to pay for more new tax breaks for the wealthiest Americans. The middle class simply cannot afford the Romney-Ryan plan for Medicare — or anything else.

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