March 18, 2017 by Chris Kite
The CBO estimates of the impact of the Republican Obamacare replacement bill are pretty unsettling. A few things to consider:
Prior to Obamacare, there were about 50M uninsured Americans. If this bill passes and is signed into law, the CBO estimates there will be 52M uninsured by 2026. So it appears to actually make things worse than prior to Obamacare! And it adds some 24 million Americans to the ranks of those without healthcare coverage.
Another number that should scare any older Americans with individual coverage today is the impact the decrease in subsidies will have. For example, a 64 year old earning $26.500 today pays about $1,700 on average for their healthcare plan. That’s about 6.4% of their pay. That is a big chunk of money, but I think most 64 year olds would agree that not having that coverage would be foolish. Under the Republican plan, a 64 year old earning $26,500 would pay $14,500. That is 55% of their pay. I doubt anyone earning $26,500/year could afford to give up 55% of their pay for healtcare coverage and still eat and have a roof over their head. This is about “iPhones” and personal luxuries. It is about being able to eat and have shelter or not.