Individual mandate has ensured that consumers have insurance coverage
The Affordable Care Act continues to be a source of controversy, especially because it requires all U.S. citizens to have health insurance coverage. This provision is called the individual mandate and it has placed some consumers under significant financial pressure. While all citizens must have insurance coverage, many also receive financial aid from the federal government, which helps cover the cost of health insurance policies purchased through exchanges that were established through the Affordable Care Act. Removing the individual mandate may actually have a detrimental impact on the health care sector, according to the Congressional Budget Office.
Without the mandate, some 14 million people would lose their coverage
The Congressional Budget Office and the Joint Committee on Taxation have released a report that shows that removing the individual mandate on insurance coverage would save taxpayers some $305 billion over the next 10 years. It would, however, mean that 14 million people would lose their health insurance coverage. Furthermore, premiums for coverage would rise by an average of 20% throughout the country.
Uninsured population would continue to inflate without federal mandate
Federal lawmakers that have opposed the Affordable Care Act have tried repeatedly to get the individual mandate removed from the law, but they have been unsuccessful in doing so. They have also attempted to repeal the law in its entirety, but have faced extreme opposition in doing so because the law has successfully brought health insurance coverage to millions of consumers throughout the country. Without the individual mandate specifically, some 41 million people would be uninsured by 2025.
Insurers continue to be affected by the Affordable Care Act
Despite the controversy and the cost associated with the Affordable Care Act, it has enabled millions of people to receive insurance coverage. The Obama administration has called this a major victory for the country. Insurers have also been impacted by the federal law, seeing higher costs as they are providing coverage to a greater number of people, but they are also collecting more premiums, which is leading to greater profits.