On 53rd Anniversary of Medicare, AARP Releases New Data Showing Program Is a Major Economic Driver in NYS

NEW YORK, NY –Medicare contributes $44.4 billion to New York State’s economy, equivalent to 14% of state and local government spending, according to a new report from AARP. Medicare also covers 3.2 million beneficiaries in New York. Older Americans have said Medicare is one of their top issues in the 2018 mid-term elections, and AARP New York is working to encourage voter participation this election season.

“Medicare is a major economic engine in New York’s economic security, as well as a key part of providing health security to New Yorkers,” said AARP New York State Director Beth Finkel. “Older Americans have said Medicare is one of their top issues in this election, yet too many politicians fail to recognize the contributions Medicare makes to the economy and our residents. Any candidate who fails to talk about how they would strengthen Medicare for future generations does so at their peril.”

A breakdown of some of Medicare’s spending in New York is below:

• $19.2 billion for hospitals
• $10.7 billion for doctors
• $1.6 billion for other health professionals
• $7.6 billion for prescriptions and medical supplies
• $478 million for medical equipment

Also, businesses in New York receiving Medicare dollars use them to pay employees’ salaries, rent, state and local taxes, and buy equipment, and make capital improvements to their facilities.

Recently, AARP worked to help close the Medicare Part D doughnut hole a year early – a victory for older Americans that the pharmaceutical industry is working to undo. AARP has also long opposed efforts that would reduce benefits or shift costs onto consumers by turning Medicare into a voucher program. Such a move would dramatically increase people’s health care costs, and expose current and future retirees to greater financial risk.

AARP’s “Be The Difference. Vote” campaign includes a one-stop online portal – aarp.org/vote – to provide people with the information they need about this year’s elections.

Contact: Erik Kriss, ekriss@aarp.org

###