Obamacare’s healthcare costs are growing.
And, they’re going to keep growing for a while.
The nonpartisan Congressional Budget Office estimated that if Congress doesn’t act soon, the costs of ObamaCare will grow by an additional $1.1 trillion in 2026.
The CBO said the law will cost about $20 trillion in 2019.
The White House estimates it will cost $26 trillion in 2020.
That means the government will have to spend $26.4 trillion on healthcare by 2026 to cover the costs.
And that’s not including the costs to individuals and businesses, the CBO said.
That’s a pretty steep increase.
“The Congressional Budget office estimates that the law’s cost-sharing reductions will reduce overall spending on health insurance by about $1,500 per person by 2027, but will add about $5,500 to average premiums and out-of-pocket costs for the average American family by 2031,” The Wall Street Journal reported.
“That’s because those savings would accrue to people who are already underinsured or who are more likely to have a preexisting condition.”
So, for every $1 spent on ObamaCare, you’re saving $1 on healthcare costs.
That would mean you could save about $30 a year.
The administration and many Republicans are promising that the bill will help people buy insurance.
“If you buy into this plan, we’re going do a lot of good for the American people,” White House press secretary Jen Psaki said in March.
But as we’ve seen in recent months, the bill doesn’t address the problems with the law.
The GOP health care plan would cost the government about $9,800 for every uninsured person.
That doesn’t include the $4,400 per family that would need to be saved by repealing the law, according to the nonpartisan Congressional Research Service.
And those savings wouldn’t come from repealing the individual mandate.
The Congressional Budget Committee, which reviewed the plan in July, found that repealing the mandate would save about 3.5 million people their healthcare premiums, but wouldn’t help them buy insurance because it would require them to choose between coverage that pays less or coverage that doesn’t.
“Although the law would allow insurers to charge older Americans higher premiums if they’re covered by a group health plan, the Congressional Budget estimate finds that premiums for younger Americans would likely rise even if they didn’t have to pay a premium,” the CBO report said.
“And those increases would be offset by an increase in payments to those older Americans, as well as a reduction in payments from other government programs.”