CBO report: 24 million fewer insured by 2026 under GOP health care bill

  • 14 million more people to be uninsured in 2018 under GOP bill than under Obamacare;
  • 52 million people would be insured in 10 years;
  • 24 million would be uninsured in 2026;
  • The measure would drop federal deficit by $337 billion over 10 years;
  • The GOP health care would repeal Obamacare’s individual mandate;

The Congressional Budget Office, CBO, of the US has Monday said 14 million Americans will be uninsured in 2018 and 24 million more by 2026 under the House Republican health care bill of the Trump administration.

Details by the CBO with the Joint Committee on Taxation shows that five million less people would be covered under Medicaid by 2018, and 14 million less Americans would enroll in the program by 2026.

President Donald Trump of the United States

Meanwhile, some six million less Americans would be covered in the individual market by 2018, however by 2026, only two million less people are likely to be covered. The data though didn’t focus on some fewer employers who might not offer insurance to their workers, driving more people to the individual market.

To cap it all, a potential 52 million people would be uninsured by 2026 under the GOP plan, compared to 28 million who be deprived insurance under the current law.

However, the CBO did mention that the federal deficit would reduce by some $337 billion over 10 years, according to details of the bill presented by the Republicans titled the ‘American Health Care Act’.

Pursuant to the report the Trump administration quickly slammed the findings.

“We disagree strenuously with the report that was put out,” Health and Human Services Secretary Tom Price said Monday outside the White House.

Tom refuted the CBO findings faulting the CBO of ignoring regulatory changes and state grants which the government projects to lead an expansive health care coverage, even though those plans are yet to be made public.

On the other hand, Democrats have counteracted the Republican bill based on the findings of the reports.

“I think that throwing 24 million Americans off of health insurance, raising premiums for older low income Americans, while giving $285 billion in tax breaks to the top 2% is a disgusting and immoral proposal,” Sen. Bernie Sanders of Vermont, told reporters.

“Thousands of Americans will die if this legislation is passed and we have to do everything that we can to see that is defeated.”

The Republican legislations has raised growing tensions amongst other Republican lawmakers both in the House and Senate.

Top conservatives on Capitol Hill, have also weighed in on the legislation noting the bill doesn’t far much as they term it “Obamacare Lite.” A major tenet in the legislation attracted wide range of disgust is the refundable tax credits, which conservative Republicans allege is an entitlement scheme.

On Medicaid expansion Republicans still are tensed. Sixteen Republican governors, including 31 states elected to expand Medicaid under Obamacare found okayed it as a way of insuring low-income adults with little cost to their states.

But the Republican’s bill offers potential scrapping of the enhanced federal funding for Medicaid expansion 2020 and overhauls the entirety of the program so that states can get a fixed payment for individual applicant.

Premiums will Skyrocket

Spike in premiums estimated to almost 20 percent have been forecasted in the individual market in 2018 and 2019, but a decline is anticipated thereafter. Still, premiums are expected to average some 10% lower than under the current plan by 2026

Disturbingly, premiums would be steeper for some Americans in the individual market, especially for older adults with lower incomes.

Under the Obamacare, a 64-year-old making $26,500 would pay about $1,700 for insurance coverage by 2026 due to subsidies. In sharp contrast, that person would pay a huge $14,600 in annual premium bill – thanks to the Ryan plan!

But numbers are showing that people who earn much to get Obamacare subsidies would do better under the GOP plan irrespective of their age. For instance, in 2017, the qualifiers are $47,500 for individuals and $97,200 for families of four.

What is means is that a 21-year-old earning $68,200 in 2026 would pay $1,450 under the GOP bill instead of $5,100 under the Obamacare. While a 64-year-old would pay $14,600, rather than $15,300 annually under Obamacare.

 

Republicans water-down CBO’s report

The events that took place before the CBO’s findings saw Republicans tactically watering-down the importance of the report.

“The one thing I’m certain will happen is CBO will say, ‘Well, gosh, not as many people will get coverage.’ You know why? Because this isn’t a government mandate,” House Speaker Paul Ryan said on CBS over the weekend. “So there’s no way we can compete with, on paper, a government mandate with coverage.”

Reacting to the CBO’s forecast of how many people would be insured and uninsured from the CBO’s findings on the bill, Ryan noted, is the goal of lowering the cost of care by expanding choice and competition.

One House GOP aide put it this way: “They’re saying people are losing coverage but in reality, these people are making a choice,” the aide said. “We’re not ripping coverage away.”

More so, even White House spokesman Sean Spicer went as far as to question the CBO’s accuracy in his comments to reporters last week.

“If you’re looking to the CBO for accuracy, you’re looking in the wrong place.”

In the same vein, some Republicans who back the bill allege that the CBO findings won’t reflect the effects of other health care reforms that the GOP proposes to implement through legislation and administrative activities from Price.

Price has made one such promise that might haunt fellow Republicans, a statement others termed absurd.

“I firmly believe that nobody will be worse off financially in the process that we’re going through,” Price said on NBC’s “Meet the Press” Sunday.

Doug Elmendorf, former director of the Congressional Budget Office, said on CNN on Monday that Price’s claim was “absurd.”

“This legislation will cut subsidies substantially; millions of people will lose health insurance,” Elmendorf said. “But certainly people will be worse off.”

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