Latest CBO Report Reveals Tough News to ObamaCare Consumers

Obamacare's Bare County Problem Looks Mostly Solved, for Now

These findings are counterintuitive and surprising.

Let me repeat that.

Insurers are scheduled to receive their next round of subsidy payments on August 21 and have asked the federal government for $8 billion in cost-sharing reduction payments for the coming year.

The subsidy - a total of approximately $7bn (£5.4bn) this year - helps insurance companies offset the costs of providing coverage to people who would normally not be able to afford those plans.

These subsidies are calculated using the cost of coverage, which is set based on the second lowest cost silver plan on the Obamacare marketplace, and an affordability variable, which is calculated on a percentage of an individual's annual income. That was supposed to be handled through the annual appropriations process - and Republicans refused to cough up the funds when they gained control of Congress.

House Republicans took Mr. Obama to court in 2015, and a federal judge has ruled the payments illegal - though she stayed her ruling while the case is on appeal.

More news: Arsene Wenger explains how he caused Arsenal failure last season

It is unclear whether the federal government played a role in providing incentives to insurers to offer plans in bare counties, many of which were at risk because Anthem Inc, one of the largest remaining Obamacare insurers, pared back its offerings in several states, said Cox. "Adding more uncertainty to it through the consequences from removing the (subsidies) would be harmful". Other parts might be surprising.

Healthcare insurers have been warning for months that eliminating the CSR would lead to steep premium hikes.

The government is mandated to offer financial assistance for the premiums of ACA customers who earn 100 percent to 400 percent of the federal poverty level. Premiums for other plans would rise a few percentage points during the next two years because of uncertainty surrounding the policy change, though they would settle down in line with previous projections in later years. CBO sees some individuals being made almost whole by the larger tax credits, with others coming out substantially ahead.

Protect Our Care Campaign director Leslie Dach, an advocate for preserving the ACA, blasted the White House reaction to the CBO report. The illustrations provided by CBO are for 2026. Unlike the gold and platinum, the silver has a deductible.

One could argue whether Jenny would be better or worse off.

The Congressional Budget Office (CBO) announced Tuesday afternoon that if Trump's administration stops paying out Obamacare subsidies, the marketplace would be far less stable and will likely experience double-digit premium increases as a result. That's a clear win for David from multiple angles. "Republicans should abandon Trumpcare once and for all, and join Democrats for the long overdue bipartisan conversation to update and improve the Affordable Care Act".

More news: Iran MPs boost missile funds in response to United States sanctions

If Robert, Jenny, David, and Katherine would benefit from terminating CSR subsidies, who would be the losers? Congress could also pass legislation saying the payments should be made.

A new CBO report underlines some of the unintended consequences of doing that.

That's exactly why the prospect of losing subsidies worries insurance companies as well as policy makers. Specifically, CBO projects that the number of people uninsured will be "slightly lower starting in 2020".

A district court judge agreed with House Republicans, and the case has been on hold before the USA appeals court in Washington.

Most people buying insurance sold on the health care exchanges created by the Affordable Care Act would pay a similar monthly cost to what they pay now despite an initial increase in premiums of about 20%.

More news: IPhone 8 Delay Rumors Could Have Been Unfounded, Says KGI Analyst

Related:

Comments

Latest news

Mission: Impossible 6 Production on Hold Due to Tom Cruise Injury
News has emerged that something may have gone awry during production on Mission: Impossible 6 in London this past weekend. Paramount Pictures , the producers of Mission Impossible 6, confirmed filming would be postponed while Cruise recovers.

Trump brags about his endorsement of Senator Strange for Alabama Senate position
While Moore, a candidate Trump is not supporting, is leading the race, that doesn't mean Moore is an anti-Trump candidate. The question going into the runoff is whether McConnell's and Trump's backing will be enough to get unusual past Moore.

Bill Gates' $4.6B donation: How many mosquitoes can that kill?
Gates and his wife set up the charity with an initial $5bn funding pot to improve global healthcare and reduce extreme poverty. His donation once again puts Amazon.com Inc. founder Jeff Bezos close to the top spot, with a net worth of US$84.5 billion.

Spillover Effect: Indian, Chinese Forces Pelt Stones at Each Other in Ladakh
Later, the situation was brought under control after the banner drill with both sides stepping back to their respective positions. This is a one of its kind incident where troops were involved in a skirmish, though no weapons were used.

US, Canada, Mexico invites cities to bid for 2026 World Cup
United moving into a new stadium next year, the city has begun exploring redevelopment options for the 190-acre campus . Even if a city isn't chosen to host a match, there could be other opportunities for it to be involved in the World Cup.

Lexington Mayor Jim Gray Proposes Moving Confederate Statues
Councilman Brandon Scott told the Sun that he would introduce a resolution at Monday's Council meeting demanding removal. New Orleans completed the removal process at a cost of $2.1 million within two months following a lengthy court battle.

Bowie wins second gold medal at World Championships
We were hanging around inside the stadium for too long with our clothes off and i think that's where Usain Bolt's injury came from.

Oakland's NFL Star Marshawn Lynch Sits During US Anthem
However, Oakland Raiders team coach, Jack del Rio , told reporters that after the game Lynch told him "This is something I've done for 11 years".

Tom Cruise injured on MI6 set
The risky stunt was performed today, and soon after, the star began limping, worrying his staff and crew. In Mission: Impossible - Rogue Nation , Cruise filmed a sequence as he hung from A400 plane in mid-air.

Sir Mo Farah claims silver in 5000 metres at world athletics championships
Farah still doubled Great Britain's medal tally, remaining the only GB athlete to have won any honour at the home championships. However, Edris and team-mate Yomif Kejelcha seized the initiative as the bell went and Farah struggled to go with them.

Contaminated eggs supplied to Irish food businesses, says FSAI
It has since emerged Belgian officials knew about the contamination in June, but did not make the information public. They have reportedly pinned the source of the insecticide to a supplier of cleaning products in the Netherlands .

Snapchat takes another hit on Wall Street
Canaccord Genuity restated a "hold" rating and set a $22.00 target price on shares of Snap in a report on Friday, May 12th. Narwhal Capital Management acquired a new position in shares of Snap during the first quarter valued at about $282,000.

Cuban diplomats expelled after alleged 'acoustic attack'
Cuban officials have pledged to investigate the incidents as well and take appropriate action, the officials told the Post . The US embassy in Havana only opened in 2015 as part of former President Obama's rapprochement with Cuba.

South Africa's president survives latest no-confidence vote amidst allegations of corruption
UPDATE: President Zuma has survived yet another motion of no confidence with 198 MPs supporting him and 177 against. "I plead you. Reacting to the vote, Zuma told supporters gathered outside the parliament in Cape Town: "It's hard to defeat the ANC".

Best Hospitals in SE WI: Aurora St. Luke's, Froedtert among top 3
Huntsman Cancer Institute CEO Mary Beckerle cited patients' happiness with their care as tightly connected to the high ranking. News and World Report which ranks hospitals based on patient care, patient safety, clinical resources and family involvement.

Other news