Who's covered
In the current system, people 65 and over are eligible for Medicare, which Obama has said he would keep for now.
Romney has proposed raising the eligibility age for Medicare beneficiaries from 65 to 67 in 2022, then increasing it by a month each year after that. In the long run, he would index eligibility levels to "longevity." Ryan's budget plan proposes raising Medicare eligibility age by two months a year starting in 2023, until it reaches 67 by 2034.
Many others looking to keep Medicare solvent have also proposed raising the age of eligibility.
The Congressional Budget Office estimates that raising the minimum age from 65 to 67 would reduce annual federal spending by 5 percent. But it would also result in higher premiums and out-of-pocket costs for seniors who would lose access to Medicare.
Obama's health care law also adds some benefits for seniors, such as annual wellness visits without co-pays, preventive services like free cancer screenings and prescription drug savings.
Proposed Savings
The Affordable Care Act is projected to reduce Medicare spending by $716 billion over the next 10 years. These reductions, as detailed by Washington Post's Wonkblog, will come mostly from reducing payments to hospitals, nursing homes and private health care providers.
While Ryan criticized such spending cuts in his speech at the Republican National Convention, his own budget proposed keeping these reductions.
"The ACA grows the trust fund by giving more general revenue to the Treasury, which then gives the trust fund bonds. But it then uses the money from those bonds to expand coverage for low- and middle-income people," explains Dylan Matthews on Washington Post's Wonkblog.
Romney hasn't really come up with a solid answer: he previously said he would restore the $716 billion savings that the health care law imposes. Per this New York Times story, the American Institutes for Research calculates this would increase premiums and co-payments for Medicare beneficiaries by $342 a year on average over the next 10 years.
For more on where the candidates stand on the $716 billion, the private health policy Commonwealth Fund offers this helpful explanation.
Caps on Spending
Both Obama and Ryan have set an identical target rate that would cap Medicare spending at one-half a percentage point above the nation's gross domestic product.
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6 Comments
Add CommentDoes anyone believe that a propaganda based publication like unScientific American would provide an unbiased assessment of Obama's and Romney's position on this topic?
Reply | Report Abuse | Link to thisYes I would Tonto
Reply | Report Abuse | Link to thisWhat are your credentials to even comment? Post your credentials!
Reply | Report Abuse | Link to this"where are the facts"???? Seriously, did you read the article. Again and again it includes references for its claims, and links to further data. Or do things only count as facts to you if they agree with your worldview?
Reply | Report Abuse | Link to thisI used to get really upset about the political bias in many of the on-line articles from SA. But, remember, these are blogs. I agree that SA should not be forwarding such obvious political tracts. And, perhaps it demonstrates the bias of the editor and webmasters. But we need to filter by ourselves the free flow of "information" and know enough to identify the political from the facts and underlying philosophies. We are SA subscribers after all.
Reply | Report Abuse | Link to thisLost in this flow of information is a "supply and demand" issue. If the rolls of patients are increased by 16 to 20 million, where is the concurrent increase in the supply of physicians to provide the anticipated care? Of course, it is now extremely easy to make an appointment with your doctor of choice (a little "tongue in cheek" here). One better prepare with the appropriate questions to ask so that the alotted two minute time slot is efficiently utilized! Don't expect the doctor to look at you, though. He'll be busy trying to keep up with all the computer forms required by Uncle Sam.
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