“The reality is that this so-called “health care” bill is nothing more than a massive transfer of wealth from working families to the very rich”. The bill would help, in part, by appropriating money for cost-sharing reduction payments and eliminating a health insurance tax, according to Blue Cross-Blue Shield insurer Anthem. That report – along with widespread unpopularity of the House bill – helped prompt Congressional Republicans to give up on passing the first iteration of the law in late March.
Scorekeepers said the SenateGOP bill will reduce federal deficits by $321 billion over the next decade.
But the office said that overall, the Senate legislation would increase out of pocket costs for deductibles and copayments. In 2020, the average premium for the benchmark plan would be about 30% lower than under current law, mainly because those policies would cover fewer benefits – and come with much higher deductibles – and because insurers would receive federal funds created to lower rates.
The bill, released June 22, repeals key Obamacare provisions and makes significant cuts to Medicaid expansion.
Two months later, on May 24, the office released its analysis of the House’s updated health care bill, which passed narrowly on a party-line 217-213 vote. That means premiums would eat up 36% of the person’s total annual income, up from 12% now.
The House approved its legislation in May.
Average premiums under the bill would increase in the nongroup market before 2020 and decrease after that, CBO said. Susan Collins (R-ME), have said they could not vote for a bill that would lead to tens of millions fewer Americans having health insurance. Senate leaders could use some of those savings to make Medicaid and other provisions in their measure more generous. “The truth is the Republicans can not excise the rotten core at the center of their health care bill, no matter what tweaks they add”. “Such estimates are inherently inexact because the ways in which federal agencies, states, insurers, employers, individuals, doctors, hospitals, and other affected parties would respond to the changes made by this legislation are all hard to predict”, the report states”.
The American Medical Association, the largest trade group for US doctors, said earlier on Monday that the proposal would make it harder for people to afford care, joining the American Hospital Association in opposing the bill. There’s one bad number: The report suggests a first-year boost of 30 percent in premiums.
In February 2013, CBO predicted that ObamaCare enrollment in the individual market would be 13 million in 2015, 24 million in 2016 and 26 million in 2017. The CBO analysis reflects the changes, including the imposition a waiting period of six months on those who have a break in coverage of at least 63 days.
Obamacare required every health plan to cover certain essential benefits – everything from maternity and hospital care to prescription drugs and mental health. (A side by side comparison of the revised and old bill can be seen here.) The draft bill will likely change again before the Senate is set to vote later this week, leaving no time for an accurate estimate of how many millions of people could lose their health care.