GOP tax bill might spike Obamacare premiums nearly $2,000 for families

Senate Republicans’ proposed tax reform bill might increase Obamacare prices by an average of almost $2,000 per family in 2019, according to an analysis released Thursday.

as well as the tax bill might lead to 1.8 million more people lacking health insurance in California than currently, another 1 million people becoming uninsured in Texas, as well as more than 800,000 newly uninsured in fresh York as well as Florida each, the report said.

Cumulatively, 13 million more people nationally might become uninsured.

The analysis by the left-leaning Center for American Progress also highlighted in which the federal Medicare program could be subject to annual funding cuts in which might start with $25 billion next year if the Senate tax bill becomes law. The cuts might result coming from automatic spending reductions triggered by the bill.

“The majority’s plan can be clear: take away your health care to pay for their tax cuts,” said Sam Berger, senior policy adviser at CAP.

The analysis was released two days after Senate GOP leaders added repeal of Obamacare’s individual mandate to the their tax bill.

in which mandate requires most Americans to have some form of health coverage or pay a tax fine.

Senate Republicans want to repeal the mandate as part of the bill because doing so might save almost $340 billion in federal spending over the next decade — savings which in turn might be used to enhance tax cuts to corporations as well as individuals.

Those savings might come coming from repeal of the mandate leading to what the Congressional Budget Office has estimated might be 5 million fewer people enrolled in Obamacare individual health plans, as well as 5 million fewer enrolled in Medicaid, the government-run program for the poor. Another 3 million people who currently get coverage through a job are required to become uninsured as well.

Because federal funds subsidize people both in Obamacare plans as well as Medicaid, lower enrollment in both programs might lead to less federal spending.

CBO also estimates in which premium prices for Obamacare plans might be 10 percent higher nationally as a result of the repeal of the mandate because insurers might have fewer healthier customers in their risk pools.

CAP’s report used CBO’s estimates to project what the premium cost hike effect might be in each state, as well as how many more people in a given state might become uninsured if the mandate can be repealed. CAP also estimated how much Medicare funding each state might lose under the bill.

The average premium increase for a middle-class family of four in which earns above $98,400 inside the lower 48 states might be $1,990 in 2019, according to CAP. Such a family earns too much to qualify for federal subsidies in which reduce Obamacare premiums, as well as therefore might bear the full effect of the cost hikes.

nevertheless such a non-subsidized family in Wyoming might be looking at premiums in which might be $3,460 higher in 2019, CAP said.

In Alaska, the premiums might go up by $2,930, as well as in Alabama, they might go up by $2,230, the analysis found.

A total of 35 states might see the number of uninsured residents increase by at least 100,000 people.

as well as more than half of the of states also might experience more than $300 million cuts to Medicare benefits in 2018, according to CAP.

“The Senate bill can be looking more as well as more like a vehicle for rolling back health programs,” said Emily Gee, a health economist at CAP.

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