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United States, May 31, 2017,  by Allianz Partners Business Insights

United States: Healthcare reform to deprive 14 million more Americans of health insurance from 2018

Narrowly approved by the House of Representatives on 4 May, the "Trumpcare" reform would, in its current form, cause 14 million more people to lose health insurance from 2018. According to a report published by the Congressional Budget Office (CBO), the number of Americans without health cover would reach 51 million by 2026.

 

According to a report published on Wednesday by the widely respected Congressional Budget Office (CBO), the new bill for the reform of the American healthcare system will strip 14 million more people of health insurance from 2018 and 23 million by 2026. If the new bill were to be adopted as it is (1), the number of people without health cover in the US would total 51 million in 2026, as opposed to 28 million if Barack Obama’s flagship bill remained in place.

 

$32bn less in savings than Obamacare

 

Designed to repeal and replace the Obamacare bill passed in 2010, this particular version of "Trumpcare" would have virtually the same impact as the first, which was abandoned at the end of March due to a lack of support in the Republican ranks on Capitol Hill, representing a serious setback for President Donald Trump.

The report has revived the intense political controversy surrounding healthcare reform, with the Democrats taking the opportunity to once again denounce the supposed harmful effects of Trump’s bill. "Tens of millions of people are going to lose their health cover and essential protections will disappear if this bill is adopted," said to The New York Times Congressman John Yarmuth, a Kentucky Democrat, who said the issue represented "a matter of life or death for many Americans".

According to the CBO, the adoption of the "Trumpcare" reform would also reduce the US deficit by $119bn between 2017 and 2026, some $32bn lower than the previous version of the bill.

 

A flagship programme for President Trump

 

The bill is a key issue for Trump, who strongly criticised his predecessor’s healthcare reform, promising to repeal and replace it.
Nicknamed Obamacare, the 2010 Affordable Care Act reduced the number of Americans without health insurance to record low numbers, though it also saw insurance premiums rise steeply in some states. 
 

 

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(1). The new bill was narrowly approved by the House of Representatives on 4 May and will now go before the Senate for its consideration. 

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