The latest figures reveal a strong 2017 enrollment rate, as nearly 3.6 million plans have been purchased through the exchange, according to the Centers for Medicare and Medicaid Services. Despite these strong figures, the future of the Affordable Care Act remains uncertain.
The President remains firmly opposed to the bill, and many political experts predict it won’t survive another year. So today, we’re going to break down President Trump’s impact on Obamacare.
Reduced Enrollment Period
Back in August, the White House released information regarding the upcoming Open Enrollment Period and revealed it would only last 45 days. This is in comparison to prior years when the period lasted for approximately three months. Many political analysts saw this decision as a decisive tactic to reduce the number of enrollees and fundamentally undermine the Affordable Care Act.
Coupled with a reduced enrollment period, Donald Trump also slashed the Obamacare marketing budget to just $10 million. This is down by nearly $100 million compared to 2016, as the Obama administration allocated a great deal of money to promote the program to all Americans.
How does this affect the average American? Well, this means they won’t be seeing any billboards or media advertisements. Therefore a percentage of Americans will miss the enrollment period and remain uninsured.
Senate Minority Leader Chuck Schumer immediately commented on the decision saying “the Trump administration is deliberately attempting to sabotage our health care system.” He also added, “when the number of people with health insurance declines and costs skyrocket, the American people will know who’s to blame.”
Cost-Sharing Reduction Payments
Trump has also halted cost-sharing reduction payments (otherwise known as CSRs). These were monthly government payments made under the Obama administration and were paid out to insurance companies across the country.
The payments would partially subsidize premiums for millions of Americans and essentially made Obamacare affordable for a significant portion of the population. The decision was announced in October and sent shockwaves throughout the entire political community.
Increase In Prices
Since insurance companies are no longer receiving government subsidies, so they’re forced to increase their plan prices as a reactionary response. This means consumers will pay more money when shopping around for a plan, and the prices on the open exchanges reflect this change. In some districts, reports are indicating the average price of an Obamacare plan has increased by nearly 37 percent, which means more Americans will have to rely on Medicaid or remain uninsured.
We understand this subject is complicated, but if you’re still confused, feel free to call one of our agents here at HealthQuoteInfo to get a better picture. Call one of our agents today at 855-614-5057 for more information.