The Congressional Budget Office said Wednesday 17 million additional people will lose health insurance coverage in 2018 if Republicans repeal ObamaCare without replacing it.
Continue Reading Below
The number of uninsured would increase to 27 million additional individuals by the year 2020 and 32 million by 2026 were Congress to take no action on implementing a replacement plan.
A repeal-only plan would decrease the federal budget deficit by $473 billion over the next decade, however, premium costs would increase 25% next year relative to the current law, the CBO forecasts.
Another big issue Republicans will be forced to tackle is coverage levels. The CBO analysis suggests that by 2020 about 50% of the nation’s population would live in an area where no insurers were participating in the market. That number would swell to 75% over the next decade.
The GOP turned to a repeal first, replace later strategy this week after Senate Majority Leader Mitch McConnell’s revised bill to repeal and replace former President Obama’s signature health care law failed to secure enough votes Monday night. GOP senators met with President Donald Trump for lunch Wednesday to discuss future efforts to revise the health care system. McConnell said he expects lawmakers to vote next week on either a repeal and replace bill, or a repeal-only bill. McConnell said, under the latter, the GOP would provide replacement legislation within two years.