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Economy

CBO Predicts Deterioration of Obama Insurance Expansion

February 7, 2013 by Melissa Michaels in Economy with 0 Comments

Northern, WI 02/07/2013 (gdpwatch) – As the Obama administration tries to execute the $1.3 trillion overhaul despite opposition from the Republicans, the number of Americans who stood to gain insurance from the US health-care law is diminishing. According to Congressional Budget Office report, approximately 27 million people are estimated to get coverage by the year 2017. In 2010, when the law was passed, the CBO had calculated that 32 million of the uninsured would be on a health plan in 10 years and 1 year later, the estimate was raised to 34 million.

The CBO said that combined factors that include the efficiency of exchanges to yield more new options for insurance, whether state Medicaid programs will be able to engage new beneficiaries and how the people will respond to a new coverage being made available. Additionally, it also estimates that roughly 8 million people will lose the healthcare plans that are being offered to them through their employers. When the health law was passed, it also estimated that approximately 3 million people would lose the coverage that was sponsored by their employers.

Health economist Joe Antos, who is also a CBO adviser, said that the revision today indicates that the CBO still believes that the law will work even though implementing it may be a challenge. In July, the CBO had decreased its estimate of the expansion of insurance to 30 million after the Supreme Court made its ruling.

The federal government has stated that exchanges will be run in states that do not have their own and by Oct. 1, every marketplace will start the process of enrollment of people. According to the law, it will be compulsory for a majority of Americans to have insurance starting from Jan.1, 2014. Douglas Holtz, a former director of CBO says that the insurance estimates are an indication that there is a problem with the enactment of the law.

About Melissa Michaels

Melissa Michaels joined the NBC Connecticut news team in October 2007. Monica began her career as a general assignment reporter for WCTV in Tallahassee, Florida. During her career, she's covered big stories like the Joseph Smith murder trial. The trial received national attention after a car wash surveillance tape of Smith abducting 12 year old Carlie Brucia became prosecutor's main piece of evidence against him. She contributed to news coverage that gave the station several AP awards, including best continuing coverage.

View all posts by Melissa Michaels →

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