Report predicts that employers could put an end to their insurance plans
The Congressional Budget Office has released a report that predicts that 10 million people will lose their employer-sponsored health insurance coverage by 2021. The report suggests that this will be due to provisions of the Affordable Care Act. If accurate, this prediction would run opposite to a statement from the White House that ensured people that they would be able to keep their health insurance coverage. This statement has already been scrutinized in the past, when insurers opted to cancel sub-standard insurance coverage for many consumers.
Cost of implementing the Affordable Care Act is 20% lower than initial estimates
The report does note that the actual cost of implementing the provisions of the Affordable Care Act are 20% lower than the agency’s original estimates. The report does suggest, however, that the federal law is sluggish in cutting down on the uninsured population of the country. This may be due to poor marketing of health insurance exchanges in the early days of their launch, but could also have to do with provisions of the law struggling to accomplish their goals.
Employer-sponsored health insurance coverage may become more rare in the coming years
Employer-sponsored coverage may be at risk as companies continue to see their health care costs grow. There has been some speculation in the past that employers would put an end to sponsored coverage, forcing their employees to find coverage through state-based insurance exchanges. These exchanges offer affordable coverage, in most cases, but may not support the same health care networks that employer-sponsored plans do, which may force some people to find new doctors.
Some 31 million people could be left without insurance coverage by 2021
The report from the Congressional Budget Office also suggests that the Affordable Care Act will have a limited impact on the country’s insured population. The report predicts that some 31 million people will be uninsured throughout the country by 2021. Many of these people will likely avoid purchasing health insurance coverage because of its high costs, while others may lose their coverage because of the decisions of their employers.