Penelope
Diamond Member
- Jul 15, 2014
- 60,260
- 15,767
- 2,210
Changes in insurance costs
Average premiums under the House version for health plans will be cheaper after 2020 than under Obamacare, but on average, those plans will cover less and have higher out-of-pocket expenses, the budget office projected. The Senate measure would likely also result in less comprehensive plans.
According to a Kaiser Family Foundation study, an American who is older, has lower income and lives in an area with higher premiums like Alaska or Arizona will lose out if the Affordable Care Act is replaced. An American who is younger, has higher income and lives in an area with lower premiums like Massachusetts or Washington may receive additional assistance under the replacement plan. Detailed analysis for the Senate version has not been made.
Most of the taxes set up under Obamacare to pay for subsidizing insurance would be scrapped. The House and Senate GOP proposals do not include any new tax to offset the loss of revenue.
Under the Affordable Care Act
· Insurance companies and medical device makers, which benefit from new customers under the law, pay more taxes
· Taxpayers with incomes over $250,000 are also taxed more
Under the GOP proposal
· Medical device makers, insurance companies and wealthy Americans would all receive a big tax cut as these taxes are eliminated
· The tax cuts total about $663 billion over the next decade.
A side-by-side comparison of Obamacare and the GOP's replacement plans
Average premiums under the House version for health plans will be cheaper after 2020 than under Obamacare, but on average, those plans will cover less and have higher out-of-pocket expenses, the budget office projected. The Senate measure would likely also result in less comprehensive plans.
According to a Kaiser Family Foundation study, an American who is older, has lower income and lives in an area with higher premiums like Alaska or Arizona will lose out if the Affordable Care Act is replaced. An American who is younger, has higher income and lives in an area with lower premiums like Massachusetts or Washington may receive additional assistance under the replacement plan. Detailed analysis for the Senate version has not been made.
Most of the taxes set up under Obamacare to pay for subsidizing insurance would be scrapped. The House and Senate GOP proposals do not include any new tax to offset the loss of revenue.
Under the Affordable Care Act
· Insurance companies and medical device makers, which benefit from new customers under the law, pay more taxes
· Taxpayers with incomes over $250,000 are also taxed more
Under the GOP proposal
· Medical device makers, insurance companies and wealthy Americans would all receive a big tax cut as these taxes are eliminated
· The tax cuts total about $663 billion over the next decade.
A side-by-side comparison of Obamacare and the GOP's replacement plans