The Center for Budget and Policy Priorities, a progressive think tank, on Monday released an analysis of the effects of Senate Republicans’ Obamacare repeal bill on health care premiums.
In short: They’ll go up, and especially so for older people.
The above chart tracks the increase in premium price for “silver plan” insurance coverage for a hypothetical 60-year-old with income at 350 percent of the poverty line in 2020.
The below chart tracks the decrease in premium tax credits for the the same hypothetical individual, except now the individual has an income slightly above 350 percent of the poverty line, so that they would not receive any federal tax credit to purchase insurance on the individual market.
CBPP took into account the Senate Republican bill’s cuts to tax credits for individuals purchasing insurance; the bill’s re-arrangement of the tax credit schedule, which would disfavor older people; the bill’s elimination of tax credits for individuals between 350 and 400 percent of the poverty line; and the bill’s stipulation that insurers would now be allowed to charge older people up to five times more than young people, as opposed to three times more under Obamacare. The bill would also eliminate Obamacare’s cost-sharing reductions, insurer subsidies to help low-income individuals afford care.
Read CBPP’s full report here.
This post has been updated.