Why even more employers may do away with healthcare
The Affordable Care Act isn’t looking so affordable.
The Congressional Budget Office reported in its updated budget outlook that Obamacare will push nearly seven million people out of their employer’s health insurance.
The CBO had previously estimated that four million would be out of health insurance, but revised the outlook when this year’s tax cuts went into effect. For employers, it’s less attractive to pay for insurance. The CBO estimates that most will opt to pay the penalty, which will add up to about $13 billion in higher fees over the next 10 years.
Overall, 27 million people are expected to gain health coverage by 2017, which is about 5 million less than the CBO originally projected.
Obamacare will cost the government $1.165 trillion over the next decade, which doesn’t differ from the CBO’s previous outlook. However, the organization still predicts that the healthcare law will reduce budget deficits for the short-term.
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