The Affordable Care Act, more commonly known as Obamacare, was introduced into the America’s healthcare system about seven years ago with the aim to provide access to medical care to the citizens. Since 2010, the uninsured rate has dropped about 38 percent, and more than 19.2 million people have gained health insurance. But after Donald Trump triumphed in the election in November, the Republicans are now seeking to rescind Obamacare. People depending on the Obamacare as their only lifeline are baffled and questioning how it is going to affect their lives and whether the new president and Republican law makers have a replacement plan to fill the void that will be created in the health insurance system.
The Possible Effects of Repealing Obamacare
If the ACA is fully or even partially repealed, millions of people will either become uninsurable or lose medical coverage and will be the risk of fatal consequences due to the lack of access to medical care. On the other hand, some American may leverage from the modest tax cut.
- 1 million people will lose their health insurance if Obamacare is fully revoked.
- A sharp drop of over 12.9 million people covered by CHIP or Medicaid will probably be observed in 2019.
- Of the 82 percent of the Americans in working families becoming uninsured, 56 percent would be non-Hispanic white individuals, while 38 percent would be in the age bracket of 18 to 34.
- Currently, about 29 million Americans don’t have health insurance, and if Obamacare is repealed partially, the figure is expected to spike to 58.7 million.
- If Obamacare’s ban on providing coverage for preexisting conditions is annulled, over 52 million people could be at the risk of becoming uninsurable.
- Within just a year, the individual insurance premium can increase to whopping 50 percent, and it is possible that the figure may double by 2026.
- It is estimated that 36,000 people could die due to lack of medical coverage provided by Obamacare annually.
- If Obamacare is revoked, it will result in $2.9 billion loss of tax credits in 20 states for low and moderate income households, while about 400 rich households will benefit from $2.8 billion in tax cut.
- By 2019, 2.6 million people will be unemployed if Obamacare is rescinded.
What the Trump Administration is Planning
While the rising healthcare costs is a prominent issue, Trump has proposed to introduce improvements for making tax-free health saving accounts more accessible to the public, selling health insurance across state lines, and providing people tax credits to help affordability, among other things. However, the main issue is the cost of buying individual insurance as per Trump’s current plan is likely to continue increasing, to the extent that it may become unaffordable to a vast population.