5/17/16 Obamacare 3 Years
We’re in the third year of Obamacare coverage. Sign-ups for year 4 start in the fall.
Here’s what’s happening behind the headlines.
More people have health insurance coverage today than before Obamacare went into effect. But this increase isn’t what was promised.
8.8 million people paid for coverage last year. About 7 and a half million were pushed onto low-income Medicaid coverage. Overall, the number of people on Medicaid has doubled from 34 to 68 million in the just three years.
In 2013, the Congressional Budget Office projected 186 million people would have private health insurance if Obamacare was never passed. But with Obamacare, the number would climb to 201 million.
It hasn’t worked out that way. According to CBO’s latest numbers, only 177 million have private coverage. Nine million have lost private health insurance. Additionally, Obamacare costs will increase by 136 billion dollars over the next 10 years.
Even more bad news.
Additionally, a pair of taxpayer-funded programs sunset at the end of the year. They keep premiums low by subsidizing the price and they pay out expensive claims with taxpayer instead of health insurance dollars. Exchange premiums are expected to skyrocket as much as 45% for 2017. This will lead many people to drop coverage and instead pay the Obamacare fine.