Washington, D.C. – U.S. Representative Charles W. Boustany, Jr., (R-Southwest Louisiana), a member of the House Ways and Means Committee, today highlighted drastic cuts to Medicare following a report by the Centers for Medicare and Medicaid (CMS) became public.

“Millions of seniors across Louisiana depend on Medicare to help with their rising health care costs, and the CMS report confirms the disturbing $500 billion raid on Medicare in the President’s new health care law to pay for new programs,” Boustany said.  “For the first time ever, Medicare took in less than it paid out, and without responsible reforms, Medicare will face bankruptcy.  The President and Congressional Democrats missed an opportunity to help lower health care costs for seniors and all Americans.  As this report shows, the problems seniors face finding access to a doctor is going to get worse.”

The Centers for Medicare and Medicaid’s Office of the Actuary authored this report, which outlines the costs of the new health care law passed in March over bipartisan opposition.  In addition to the $500 billion cut, the Actuary reports half of seniors who currently have Medicare Advantage plans will lose their coverage.  The Actuary’s report also concludes:

• uninsured and those employers who don’t offer coverage will pay $120 billion in taxes;
• national health care expenditures will increase by $311 billion;
• health care increases to 21 percent of GDP by 2019;
• 14 million people will lose their current employer-sponsored coverage;
• the government will spend $410 billion to expand Medicaid;
• and Medicaid enrollment increases by 20 million new beneficiaries.

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