The Congressional Budget Office (CBO) released some interesting numbers last week on the Affordable Care Act. The first thing it did was adjust the number of people it said would sign up for ObamaCare online in one of the state exchanges or the federal exchange.
The original estimate was 21 million but it got changed to 13 million — a 61% drop.
The Obama administration spun it positively and said the numbers will naturally be less than expected in the exchanges because a lot of employers continued to offer private insurance instead of moving them to exchanges as anticipated.
Also, the administration said fewer employers than estimated dropped insurance for their employees.
Secretary of Health and Human Services Sylvia Mathews Burwell — who heads up ObamaCare for the administration — figures about 10 million will be signed up and paying premiums by year’s end. Currently, 8.8 million are on the rolls of the federal exchange HealthCare.gov and she thinks another 2.7 million will be signed up via the state exchanges.
The CBO’s figures had 9.5 million — on average — on the rolls last year and of the 9.5 million, 8 million received federal subsidies to pay for their insurance. And that leads to the amount of money the federal government spent on health programs last year. That’s Medicare, Medicaid and Affordable Care Act subsidies.
It hit $936 billion. That’s a 13% increase from 2014. And for the first time in U.S. history, health spending by the federal government outspent Social Security.
SSI hit $882 billion last year.
A quick update on presidential candidate and Sen. Ted Cruz who — we reported last week — said he was an ObamaCare victim. Cruz noted the Affordable Care Act caused his insurance to be cancelled when his wife went on leave to help him run his campaign.
He said Blue Cross Blue Shield cancelled his insurance and he had none but a campaign staffer said that’s not true. The company transferred his policy to a new policy when it got cancelled.
Source link: Insurance Business America