On the fourth anniversary of the enactment of Obamacare, Arizona education entrepreneur and Republican gubernatorial candidate Frank Riggs cited the looting of Medicare to pay for Obamacare subsidies as another reason the flawed law should be repealed and replaced with market-based reforms. Riggs, a former U.S. Congressman, pointed to findings by the Congressional Budget Office ("CBO") that Obamacare will:
1) Funnel $200 billion out of Medicare Advantage and into Obamacare over the next decade. Enrollment in Medicare Advantage has more than doubled over the past eight years and over 15 million seniors, more than a quarter of all Medicare beneficiaries, now participate in the program. Obamacare's $200 billion raid amounts to about $13,000 per current Medicare Advantage enrollee.
2) CBO also projects that, over the next decade, about $1 trillion that otherwise would have been spent on Medicare will be have to be rerouted to fund Obamacare subsidies. That represents more than 10% of total projected Medicare funding, which is why Medicare's own Office of the Actuary projects that by 2020, Medicare will be forced to reimburse doctors and other medical providers at lower rates than Medicaid.
"As a member of Congress, I fought to reform and strengthen Medicare," Riggs said. "I'm the only candidate for governor with a proven record of protecting Medicare. It should remain a retirement health insurance program and shouldn't be raided to pay for Obamacare, including the expansion of Medicaid in Arizona."
"Arizonans and all Americans want choice and freedom, not mandates, when it comes to their health care," Riggs concluded.