The roll out of “Trumpcare” – Donald Trump’s effort to repeal and replace the Affordable Care Act – has not gone smoothly. Lawmakers and policy experts on both the left and the right have slammed the draft bill as irresponsible, incomplete, and unsustainable.
While the financial costs of the bill are certainly concerning on a macro level, it is critically important to not lose sight of the extreme hardships that proposed bill would impose on millions of vulnerable Americans. Citing a new new report from S&P Global Ratings, CNBC is reporting that “[b]etween 6 million and 10 million people would lose health insurance coverage if a Republican proposal to replace the Affordable Care Act becomes law…The top end of those losses, or 10 million people, is equal to half of the 20 million or so people who have gained coverage in the past seven years under Obamacare.”
“The sobering estimate came…on Tuesday, less than a full day after House GOP leaders released their plan for gutting key elements of the ACA, and replacing it with new rules.”
The S&P Global Ratings report also indicates that while millions of Americans will likely lose their heath care coverage, profitability among U.S. insurers will likely soar, as the Republican plan could “result in an improved risk pool in the individual market.”
In plain English, that means that insurers will make more money as sick people are forced out of the marketplace. Disgraceful.