Obamacare might be repealed because it has led to cuts in Medicare, resulted in higher medical costs, created new health care spending and caused people to lose their existing coverage. It has also limited the choice of physicians for some and it contains 18 new tax increases, fees and penalties.
The Affordable Care Act, colloquially known as Obamacare, has necessitated $1.8 trillion in additional health care spending, which has been funded in part by reductions in payments to Medicare providers and Medicare Advantage plans. These cuts have the potential to seriously impact the ability of seniors to access quality care.
The law also imposed new coverage and benefit mandates that resulted in 7 million health insurance cancellations, disrupting the insurance market for many who buy coverage on their own. Net enrollment in employer-group coverage has also declined, according to an analysis by the Heritage Foundation.
Many Americans have been unable to keep their preferred doctors because insurers are limiting the number of providers in an effort to offset added costs. Moreover, the federal government is projected to collect more than $770 billion in additional revenues from the law’s taxes, fees, regulations and penalties.
Individual mandates, the medical device tax, the federal health insurer tax and new limits on health savings and flexible spending accounts are examples of several Obamacare provisions likely to have a negative financial impact on many Americans.