CBO: Better Care Reconciliation Act Lowers Premiums, Reduces Federal Deficit, Saves Billions of Dollars
WASHINGTON D.C. – The Congressional Budget Office (CBO) today released an analysis of the Better Care Reconciliation Act. CBO estimates that the updated proposal would lower premiums by 30 percent by 2020 when compared to current law, while also lowering taxes for hardworking families and providing more than $419 billion in on-budget deficit reduction.
Specifically, the CBO analysis finds that the revised draft of the Better Care Reconciliation Act:
Lowers premiums by 30% in 2020 compared to current law.
Provides more than $419 billion in on-budget deficit reduction savings.
Reduces taxes by $483 billion.
Provides $182 billion to support state-based reforms, to help drive down premiums and cost-sharing.
Expands Health Savings Accounts (HSA), and other innovative ideas to help pay for health care costs.
Dedicates $45 billion for mental health services and substance abuse treatment, recovery and research.
Allows an individual to use Health Savings Accounts to pay for health insurance premiums.
Ensures individuals who enroll in catastrophic plans are able to receive tax credits as long as they meet the other eligibility requirements. Obamacare unfairly prohibited individuals enrolled in catastrophic plans from receiving assistance even if an individual met all the other eligibility requirements.
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