Next Year's ObamaCare Subsidies: $10 Billion
Get ready to cough up even more in taxpayer dollars to help prop up ObamaCare. CBS News is reporting that the cost of ObamaCare subsidies to offset the double-digit premium hikes so many Americans are experiencing will be nearly $10 billion:
Taxpayers will fork over nearly $10 billion more next year to cover double-digit premium hikes for subsidized health insurance under President Barack Obama’s Affordable Care Act, according to a study being released Thursday. ...
The study estimates that the cost of premium subsidies under the ACA will increase by $9.8 billion next year, rising from $32.8 billion currently to $42.6 billion.
The average monthly subsidy will increase by $76, or 26 percent, from $291 currently to $367 in 2017.
Currently more than eight in 10 consumers buying private health insurance through HealthCare.gov and state markets receive tax credits from the government to help pay their premiums. Those subsidies are designed to rise along with premiums, shielding consumers from sudden increases. But the bill ultimately gets passed on to taxpayers.
ObamaCare is putting the taxpayer on the hook for its failures. It's ObamaCare that is driving up premiums, and it's ObamaCare that is eating up even more taxpayer money to try to offset those effects.
What a disaster.
The good news is that repealing and replacing ObamaCare is at the top of the agenda for President-elect Trump and the new Congress.
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