by the House Republican Policy Team
A recent survey of the Society of Actuaries revealed that 86 percent of actuaries believe publishing health care prices and increasing health care transparency will bend the cost curve—something President Obama promised.
However, both the nonpartisan Congressional Budget Office (CBO) and President Obama’s chief actuary at the Centers for Medicare & Medicaid Services (CMS) have concluded that ObamaCare will actually increase health care spending, increase the cost of health insurance, and do nothing to bend the cost curve. At the request of Republicans, CBO reviewed the final health care bill and concluded ObamaCare will cost taxpayers $115 billion more than its original estimate. The President’s chief actuary at CMS concludes that ObamaCare will cause health care to consume 21 percent of the nation’s gross domestic product (GDP)—up from 16 percent currently.
In addition, the Congressional Budget Office said ObamaCare will increase the cost of health insurance for early retirees, small business workers, the self-employed, and millions of other American families who buy their own health insurance. In fact, those workers will pay $2,100 a year for their health insurance policies because of ObamaCare than they would under current law.
By contrast, CBO has concluded that the Republican alternative will bend the cost curve, save taxpayers money, and reduce health insurance prices. Under the Republican plan, premiums for large employers will drop by up to 3 percent, premiums for small employers will drop by up to 10 percent, and premiums for those who buy their own will drop by up to 8 percent. And by reforming junk lawsuits, the Republican plan will save taxpayers $40.9 billion. In all, the Republican plan will reduce the deficit by $68 billion over ten years.