The CBO predicts Trump’s move to end ObamaCare subsidies will hike premiums, uninsured rate, deficits
On Thursday night, the Trump administration formally decided to end cost-sharing subsidies that the Health and Human Services Department has been paying insurers to lower premiums for millions of lower-income customers purchasing insurance through the Affordable Care Act exchanges. House Speaker Paul Ryan (R-Wis.) praised the move as an affirmation that “the power of the purse belongs to Congress, not the executive branch” — House Republicans had sued to stop the payments, and the White House had been appealing a court ruling agreeing the subsidies were illegal.
Other lawmakers from both parties, aides to President Trump, HHS officials, and medical and insurance groups had urged Trump to continue authorizing the subsidies, so as not to sabotage the health-insurance markets and cause premiums to soar.
Cutting health care subsidies will mean more uninsured in my district. @potus promised more access, affordable coverage. This does opposite.
— Ileana Ros-Lehtinen (@RosLehtinen) October 13, 2017
In August, the Congressional Budget Office had reached that same conclusion. In order for customers to qualify for cost-sharing reductions (CSRs), they have to sign up for “silver” plans, and the CBO projected that “gross premiums (that is, before …read more
Source:: The Week – Business