The ad, titled "Yo Pagué," claims that the president took billions of dollars from Medicare to pay for his signature healthcare legislation, which has been bashed by Republicans.
"For years, we have paid into Medicare with our work. Now, when we need it, Obama has cut $716 billion from Medicare to pay for his ObamaCare. The money we have paid to guarantee our healthcare will be used for a new program that's not for us," says a narrator, speaking in Spanish in the ad.
The ad goes on to tout Romney's plan as protecting and strengthening Medicare "for future generations."
"With every paycheck, Americans pay more and more into Medicare. Now, when they need it most, President Obama cut Medicare to pay for Obamacare. Mitt Romney and Paul Ryan will strengthen Medicare and protect the commitment we have made to our seniors," said text released with the ad.
The Romney camp released an English-language ad last month, also accusing Obama of "raiding" Medicare to fund new healthcare legislation.
The Republican ticket has repeated these attacks, aware of the criticism leveled against vice presidential candidate Rep. Paul Ryan's (R-Wis.) past Medicare reform proposals.
On Sunday Obama told voters in Florida that Romney and Ryan’s plans to reform Medicare would mean higher costs on seniors and more profits for insurance companies.
"Your costs would rise by the thousands and the insurance companies' profits would rise by the billions," said the president at a rally at the Florida Institute of Technology in Melbourne. "No American should have to spend their golden years at the mercy of insurance companies. They should retire with the dignity and the respect and the care that they have earned."
Romney has been attempting to secure Hispanic support, releasing numerous ads in Spanish and touting his immigrant roots on the campaign trail. Despite his efforts, the president holds a strong lead among the demographic. Obama led Romney 63 percent to 28 among Hispanic voters, according to a an NBC News/Wall Street Journal-Telemundo poll released in August.