Straight, No Chaser In the News: A Report on the Affordable Care Act from the Congressional Budget Office
Many of you are aware that over eight million Americans have now signed up for the Affordable Care Act (ACA). Perhaps even more interesting is information released from the (non-partisan) Congressional Budget Office (CBO), which has been predicting and tracking the financial impact of the law. Here are five points worth noting:
- Given the success in enrollment, the law is becoming less expensive to implement. At this point, estimates are the law will cost the government $5 billion less to implement that previously thought – in 2014 alone. These costs represent reductions both to consumers and employers covering employees.
- Overall cost estimates for ACA implementation (2014-2024) are now projected to be $104 billion less than the previous projections.
- Because of the previous trajectory of the uninsured prior to implementation of the ACA (i.e., more people were becoming uninsured every year), the CBO now estimates 12 million more non-elderly people will have health insurance in 2014 than if the ACA (or some other equivalent) had not been passed.
- CBO now projects that in 2014 a net total of six million people will be covered by private health insurance policies purchased through the ACA exchanges. This considers those likely to opt out of the ACA (e.g., because of new employment or lapsing policies).
- According to the CBO, the net effect of all of the components of ACA implementation is a reduction of the federal deficit.
Feel free to ask any questions you have on this topic.
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