A new report released by the Congressional Budget Office on Wednesday pointed out the problems with repealing the Affordable Care Act without replacing it, a move supported by President Trump, and the results are staggering. This is also the same President that has recently criticized the CBO’s findings and argued that their reports are fallible, his general response when something doesn’t show him in a good light.
U.S. Senate Majority Leader Mitch McConnell has called for a vote on a motion early next week that could lead to the idea of repealing Obamacare without a replacement system in place to be debated, a tactic he and Trump have sought after the revised Senate bill to replace the ACA was disapproved by at least four Republican Senators
The CBO examined the effect of repealing most of the health law without a replacement in their report and found that 17 million more people would be without insurance next year, reaching approximately 32 million people by 2026, 10 million more than what was projected under the Republican party’s revised health care bill that didn’t pass the House. At the same time, it’s projected that the increases in premiums for those still with coverage would double and the average premiums for individuals purchased through exchanges or insurers would go up by about 25 percent next year compared to Obamacare, reaching approximately 50 percent in 2020. The repeal bill would also bring an immediate end to uninsured people paying a penalty for their lack of coverage, as well as ending funding for Medicaid further down the line.
The report also came to the conclusion that insurers would leave the individual market due to the lack of penalties for the uninsured, mostly in anticipation of more high-cost customers and fewer enrolees. If this were to happen, roughly 50 percent of the nation would reside in areas with no insurers in the individual market by 2020, a number that would increase to around 75 percent by 2026, the result of less pressure on penalties and more on premiums.
All we can hope for now is that the Senate will vote against a repeal of Obamacare without a replacement ready to go.
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