Current and future Medicare enrollees would pay far more out of pocket under the Romney-Ryan budget plan than the existing program, according to a new report from the Center for American Progress. The GOP plan would cause increased out-of-pocket costs for drugs and Medicare premiums, as well as traditional Medicare premium hikes caused by Medicaid cuts and the practice of private Medicare Advantage plans to cherry-pick healthier, younger seniors.
For those under 55, the Romney-Ryan plan would impost harsh new financial burdens.
Because the Romney-Ryan voucher would grow more slowly than health care costs, seniors would become responsible for a greater share of the premium over time. We find that the Romney-Ryan plan’s cost-shifting effect alone would raise the average health care bill:
- For seniors reaching age 65 in 2023 by $32,900
- For seniors reaching age 66 in 2030 by $73,600
- For seniors reaching age 67 in 2040 by $139,100
- For seniors reaching age 67 in 2050 by $225,200
Check out the following info-graphic to learn more about the impact of the Romney-Ryan Medicare plan.