Medicare costs for Seniors projected to increase under Romney/Ryan plan, report cites

An article from the media site Think Progress states that if Republican Presidential Candidate Mitt Romney along with running mate Rep. Paul Ryan (R-WI) health care plan was fully implemented, Seniors receiving Medicare benefits would pay more for associated health care costs.Seniors out-of-pocket dollars according to the report from The Center for American Progress site would increase to the tune of nearly $60,000 starting in 2023, and over $100,000 in 2030.

“Increasingly unaffordable costs for all seniors who qualify for Medicare after 2022. For seniors turning 65 in 2023, Medicare costs during retirement would increase by $59,500 in 2012 dollars under the Romney-Ryan plan. Because under the Romney-Ryan plan the amount of seniors’ vouchers will not keep pace with rising health care costs, these numbers are even worse for future generations. 

In today’s dollars seniors who qualify for Medicare in 2030 would see an increase of $124,600 in Medicare costs over their retirement. Seniors who qualify for Medicare in 2040 will see an increase of $216,600. And by 2050 newly eligible seniors will pay $331,200 more in Medicare costs over their retirement.”

The Center of American Progress wrote 10 page PDF report detailing changes to retiree health care access with the Federally Sponsored Medicare plan under  GOP Presidential/Vice Presidential Candidates Mitt Romney and Paul Ryan plan.

According to the info graphic below, current beneficiaries would pay $11,000 a year in out-of-pocket under the Romney/Ryan Medicaid plan, despite both GOP Candidates claims on the campaign trail their plan would not burden retirees with additional costs.