CBO Report: Trumpcare Will Leave 23M More Americans Uninsured
The eagerly awaited Congressional Budget Office (CBO) report on the recently passed Obamacare repeal bill championed by the Republican Party came out today.
It says if the GOP bill, known as Trumpcare becomes law, over 23 million Americans currently covered under the Affordable Care aka Obamacare will lose their coverage in the next decade.
Although the 23 million is slightly less than the CBO’s estimate of 26 million from the earlier version of the bill, experts say the new estimate is still staggering.
CBO found that even though the GOP healthcare bill, also known as Trumpcare will lower premiums for some Americans, most of them will be buying what amounts to garbage policies that cover fewer healthcare services.
The report said that under the GOP bill, “a few million of those people would use tax credits to purchase policies that would not cover major medical risks.”
According to the CBO, “14 million more people would be uninsured under H.R. 1628 than under current law. The increase in the number of uninsured people relative to the number projected under current law would reach 19 million in 2020 and 23 million in 2026. In 2026, an estimated 51 million people under age 65 would be uninsured, compared with 28 million who would lack insurance that year under current law.”
The bill would lower the federal deficit by up to $119 billion over 10 years, less than the previous estimate of $150 billion, mostly through covering lower number of Americans and providing inferior coverage for those who choose to buy the policies
The CBO found that a controversial amendment by New Jersey Representative, Tom MacArthur (R-N.J.) would have a devastating effect on Americans.
The amendment would allow insurance companies charge more for insurance coverage based on an individual’s health. It will also waive rules governing what a plan would cover.
This, according to the CBO, would result in people with pre-existing conditions losing their coverage because they cannot afford the new higher premiums charged by the insurance companies.
“Over time, it would become more difficult for less healthy people (including people with preexisting medical conditions) in those states to purchase insurance because their premiums would continue to increase rapidly,” the report said.
Tom MacArthur, the New Jersey congressman and author of the controversial amendment dismissed the CBO’s conclusion arguing that it would not hurt people with pre-existing conditions.
“I don’t agree with them that waivers will destabilize [the market]. I think waivers will cover people with preexisting conditions because they’ll have to create risk pools,” MacArthur told reporters Wednesday.
“I respect the CBO’s role, but just because a group of auditors down the block have created a model that has a lot of ifs, ands and maybes, looking out ten years, doesn’t make that the gospel. That is somebody’s opinion at CBO. I have a different opinion.”
To see the full CBO report, click here.
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