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“Obama Care” is the nickname provided to the Affordable Care Act. Obama Healthcare if we try to define the same it can be denoted as health insurance plans as well as related industry reforms under the supervision or concern of President Obama passed in the year 2010. The term “Obamacare” was first introduced by the opponents and the president later himself embraced the word. ACA helped to increase the number of ordinary people holding a health insurance policy. Due to which more people came under the purview of the ACA insurance policy. While introducing ACA, the federal government faced lots of challenges and opposition from the Republican party. But amidst such a situation the Affordable Care Act law passed under 111th Congress under the guidelines of President Barak Obama. After the chair of the president of the United States was taken by President Donald Trump on January 20, 2017 deliberations continued to nullify or to repeal Obama Care Health Reforms or the Affordable Care Act. Quashing the Patient Protection and Affordable Care bill became the prime focus of President Donald Trump. He tried to launch a new health care system and reforms unlikely to that introduced by the then President Obama. Under the Obama care health reforms as per the study, more than 20 million people came under the coverage of health insurance policy as the law tried to and made it mandatory for every American to possess a health insurance policy. The legislation offered a variety of subsidy as well as tax credit plans for the folks for availing a health insurance plan.
What will happen if the Obama Care or the Affordable Care Act gets repealed? How will it effect to the familiar public if any reform supplementing Obama Care not introduced? Repealing the Affordable Care Act that helped millions of Americans to come under the coverage of health insurance policy or which spread health insurance at a rapid rate can or to say will undoubtedly hurt the people under a medical policy coverage. Without a proper replacement of ACA, it can drastically change the health and related health insurance market of the United States of America. It can have an impact on the job scenario of the nation. According to a study of Congressional Budget, it says repealing Obama care reforms can have direct and indirect effects on the loss of jobs throughout the country. The job loss may be prevalent in the health or medical sector of the country as well as people working or associated with the federal government or working with its contractors.
The leaders of the Congressional Democratic requested the Congressional Budget Office to conduct a detailed study on the effects of repealing of Obama care. While researching the probable impacts of repealing Obama care, the CBO considered the country’s gross domestic Products as well as the interest rates provided by the different provisions of the Affordable Care Act. The subsidies and the interest rates offered by ACA would have specific effects on the financial planning of the country. For this reason, the Congressional Budget Office considered the tax rates as one of the prime factors for conducting the study. The CB office considered the possible effects that would cause beyond ten years of time.
It is quite essential to note that repealing the Affordable Care Act can forge effects on four central regions or segments-
iii) Consequence on Medicare spending
Number of uninsured Americans due to repeal. According to a study it says approximately 28 million Americans will remain uninsured if the Affordable Care Act repealed. Previously, more than 41 million people came under the coverage of health insurance. And rapid expansion of Medicaid plan created a vast online marketplace. A study revealed that due to the individual mandate under ACA, and its provision stating that a child can be covered up under its family’s health insurance coverage until the age of twenty-six years if he or she is unmarried helped to increase the number of enrollees under insurance coverage or insurance plan. The number of people with pre-existing conditions to be affected. Repealing of Obamacare affects almost everyone living in the United States of America. Previously under the realm of the Affordable Care Act people with pre-existing conditions used to get an added benefit. We can also say that Obama care health reform focused on providing individual attention to those suffering from pre-existing conditions. Pre-existing conditions defined that a patient suffering from ailments or life-threatening diseases like cancer, or under the misery of chronic illnesses like blood pressure, diabetes, obesity and even pregnant women can avail health insurance under Obamacare. But if the Affordable Care Act gets repealed by the Trump administration, then patients affected with pre-existing conditions will have to pay extra bucks or additional charge for their ailments while purchasing a health insurance policy. As per specific statistics and data analysis, approximately around 52 million Americans suffering from the pre-existing condition will be forced to drop their health insurance plan. President Donald Trump proposed to repeal the pre-existing condition mentioned in the provisions of Obama care health reform because as per the Republicans this section does not gain importance. And as per their version, a pre-existing condition can affect the financial structure of the health insurance industry in the United States of America. Impact on people with Medicare plan. A complete repeal of the Medicare plan would affect people under the age of sixty-five years and above. According to a study an added cost would be levied on premiums of Medicare Advantage plan. Previously Obama care health reforms provided provisions for free services to patients for preventive care and ending the Affordable care legislation will impact on the regulation. People will have to pay from their pockets or charges of premium may increase. An estimation says that under the regime of Obama care a person used to pay around 3,200 dollars annually. And if the legislation gets repealed without any replacement in its field, then an American will have to pay approximately 4,700 dollars annually. Impact on prescribed drugs and medicines. Under Obamacare health reforms people especially senior citizens used to receive a benefit on prescription drugs usually termed as “doughnut-hole.” And entirely repealing the Affordable Care Act would mean abrogating doughnut- hole or benefit on prescription drugs. Impact on the Federal budget. As per a study conducted by the Congressional Budget Office repealing the Patient Protection and Affordable Care bill will have an immense effect on the federal budget. Taking ten years period of study, the CBO stated that a repeal of the legislation could result to around 353 billion dollars federal budget deficit. The organisation further says that another revenue loss will incur from repealing the fees on insurers, drug manufacturers and medical device-making companies. If Obama care act repealed then the provision that stated of “ten essential health benefits” would become ineffective. As a result of which the majority of the population would be affected. A thought might appear that repealing the Affordable Care bill can salvage money of the federal government. But the actual scenario might differ. It is because the ACA law does not only spends revenue but also at the same time generate money through various taxes and implemented policies. So, before nullifying the act all the pros and cons should be analysed.