House subcommittee: Obamacare’s $300 billion Medicare Advantage raid will hurt seniors next year
Obamacare “raided” $300 billion for Medicare Advantage and seniors will begin feeling the cuts next year, according to an analysis Tuesday by the House Energy and Commerce Health Subcommittee.
Obamacare took $700 billion from Medicare and $300 billion from Medicare Advantage alone for its own funding, according to the subcommittee. The cuts to Medicare Advantage beneficiaries will “begin to be fully realized in the next year,” according to the subcommittee.
“There was a promise made to seniors as well. The promise was that we’re going to use your Medicare dollars as a piggy bank to fund the Affordable Care Act, and in doing that we’ll improve Medicare and allow seniors to keep their doctors if they liked. So, do you have an opinion as to whether or not this is another broken promise?” subcommittee vice chairman Rep. Michael Burgess said in a statement.
“Those most hurt by the cuts are low-income seniors in rural areas without other options for supplemental Medicare coverage. Additional scheduled cuts in the future will broaden the damage to Medicare Advantage,” said American Action Forum president Doug Holtz-Eakin.
Twenty-eight percent of Medicare beneficiaries were enrolled in Medicare Advantage plans in 2013.