Many are waiting with baited breath to see how President Trump and the Republican controlled house will more forward to repeal Obamacare.
As the debate over repealing Obamacare intensifies, it’s important to remember the law’s most glaring failures.
Here are eight:
Despite repeated promises of premium reductions, Obamacare has delivered major increases.
In the employer-sponsored market, costs continue to increase. According to the Kaiser Family Foundation, average family premiums for employer-sponsored plans have increased almost 32 percent from 2010-2016.
In the individual market, where the bulk of Obamacare’s new rules and regulations have taken effect, the average nationwide premium increase has been 99 percent for individuals and 140 percent for families from 2013-2017, according to an eHealth report.
Deductibles keep rising, too, especially for Obamacare exchange plans. According to an analysis by HealthPocket, the average deductible for a bronze plan in 2017 is $6,092 for an individual and $12,383 for a family. The average silver plan deductible for an individual is $3,572 and $7,474 for a family.
2) Choice and Competition
Relative to the individual market prior to the law’s implementation, insurer competition has always been limited on Obamacare’s exchanges. However, competition has continued to decline, with 2017 being the worst year yet.
Forthcoming Heritage Foundation research finds that 70 percent of U.S. counties have only one or two insurers offering coverage on the exchange in 2017.
3) Exchange Enrollment
The Obama administration estimated that the average monthly effectuated enrollment in the exchanges was 10.4 million people in 2016. This is significantly below original projections from the Congressional Budget Office, which estimated that 21 million people would be getting their coverage through the law’s government-run exchanges in 2016.
According to the IRS, in 2015, 12.7 million taxpayers claimed one or more exemptions from Obamacare’s mandate to purchase coverage and another 6.5 million taxpayers paid the penalty rather than sign up for coverage.
4) Exchange Websites
The federal government sent nearly $5 billion to states to set up their own health insurance exchanges. Despite the ample funding, the vast majority of states either didn’t want to set up their own, or tried and failed.
In 2017, only 11 states and the District of Columbia run their own exchange. The remaining 39 states use HealthCare.gov, which cost taxpayers at least an estimated $800 million to build. Recall that HealthCare.gov was only able to enroll six people on its launch date, Oct. 1, 2013.
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