By PETER FERRARA
AND LARRY HUNTER
The Democratic Senatorial Campaign Committee has attacked Senate Republican candidates for wanting “to end Medicare as we know it.” And in Nevada’s hotly contested Senate race, Majority Leader Harry Reid is attacking Republican Sharron Angle, saying she wants to “gut” Medicare. But Mr. Reid has already gutted it. He and his colleagues did so by passing ObamaCare.
Senior Editorial Writer Joseph Rago explains the increase in insurance premiums. Columnist Mary Anastasia O’Grady critiques the President’s plan.
In his analysis accompanying the recently released Annual Report of the Medicare Board of Trustees, Richard Foster, Medicare’s chief actuary, noted that Medicare payment rates for doctors and hospitals serving seniors will be cut by 30% over the next three years. Under the policies of the Patient Protection and Affordable Care Act, by 2019 Medicare payment rates will be lower than under Medicaid. Mr. Foster notes that by the end of the 75-year projection period in the Annual Medicare Trustees Report, Medicare payment rates will be one-third of what will be paid by private insurance, and only half of what is paid by Medicaid.
Altogether, ObamaCare cuts $818 billion from Medicare Part A (hospital insurance) from 2014-2023, the first 10 years of its full implementation, and $3.2 trillion over the first 20 years, 2014-2033. Adding in ObamaCare cuts for Medicare Part B (physicians fees and other services) brings the total cut to $1.05 trillion over the first 10 years and $4.95 trillion over the first 20 years.