Yesterday the Congressional Budget Office released its report on the effects Trumpcare will have if passed, and they weren’t good. The CBO estimated that approximately 24 million Americans will lose their healthcare coverage, saving the federal government $300 billion. For the Republicans, this seems like a fair trade-off, but for regular people it could mean a death sentence simply so that Trump can say he’s “fixing” the economy.
Today reports have emerged that the demographic set to lose the most if Trumpcare goes ahead is older Americans. Trumpcare is supposed to bring down insurance premiums, but only depending on your age and income. This is bad news for older people, who are set to see their premiums rise by more than 750% of what they would pay under Obamacare.
Trumpcare would offer a few meager subsidies to older people who earn less than $75,000, however, anybody earning more than that threshold will get no federal help for their insanely high healthcare costs.
Obamacare had an income-based system for issuing tax credits, which Trumpcare will get rid of. Trumpcare will also remove the Obamacare rules that protect older people from higher insurance premiums. Obamacare made sure that insurers couldn’t charge an old person more than three times what they’d charge a young person.
Republicans argue that by charging older people more, and younger people less, more young people will sign up for healthcare. If more young people sign up, then insurers won’t have to charge old people more because the fees younger customers pay will effectively subsidize them.
But there is a massive problem with this plan, namely the assumption that health insurers are honest and won’t try to squeeze as many dollars as they can out of every single one of their customers.
The CBO has given the Trump administration and Congressional Republicans a massive headache. Thanks to their analysis, we now know that Trumpcare will, broadly speaking, make a lot of people lose coverage, force old people to pay more, give poor people fewer subsidies, give richer people more subsidies and cause health insurance premiums to skyrocket. This bill is bad news and must be stopped before it literally kills people because they are old or poor.