The senate GOP health care bill has now been reviewed by the non-partisan Congressional Budget Office, who have stated many things, such as 22 million Americans will lose their insurance by 2026.
The senate GOP health care bill will deliver massive cuts to Medicaid, a cut of 26 percent by 2026, by ending the Medicaid expansion that was placed under the Affordable Care Act. This will reduce federal spending on Medicaid by 772 billion dollars within the next 10 years. A massive number of Americans would lose their medicaid insurance, an estimated 15 million.
The senate GOP bill will eliminate the individual mandate and also dispose of the rule that requires employers with over 50 employees to provide health insurance for their employees.
Many of the taxes on the rich would be cut, which will lead to larger deficits, an increase of $541 million estimated by the Congressional Budget Office.
Much of the subsidies for Americans would stay the same; however, it would be a bit less than what it currently is under the Affordable Care Act.
Premiums will rise within the next two years; however, it is estimated to drop by 20 percent within the next six years as a result of less benefits being covered.
Older low-income Americans will be paying far more under this health care bill. “A 64-year-old with an income of $56,800 would pay $6,800 for a silver plan under current law. But that consumer would pay $20,500 for such a plan under the Senate bill.” This is a massive spike that many Americans simply can not afford, especially considering that 20,500 is nearly half of the salary of 56,800 dollars.
The poor are hit extremely hard, with someone making 26,500 dollars a year having to pay more. However, someone who is 21 or 40 will pay less if they are making 56,800 dollars a year.
According to CNNMoney: “An estimated total of 49 million people would be uninsured in 2026 under the Senate bill, compared with about 28 million who would lack coverage under current law. This would reverse years of coverage gains under Obamacare.”
Summary of the Senate GOP Healthcare Bill:
- 22 million Americans will lose their insurance
- 26% of federal spending of medicaid will be cut
- Federal spending of medicaid will drop 772 billion within the next 10 years
- 15 million insured on medicaid will lose their insurance
- Repeal of individual mandate
- Employers with 50 or more employees will no longer have to pay for their employees insurance
- Tax cuts for the rich leads to 541 billion in increased deficits
- Subsidies will stay relatively the same but not be as generous
- Premiums will rise within next 2 years but have dropped by 2026 by 20%
- Old Americans who are poor will pay more for insurance
- 49 million will be uninsured by 2026 increasing from the current 28 million