The House GOP bill to replace the Affordable Care Act (known as Obamacare)
would reduce the federal budget deficit by $337 billion over the next 10 years but it is likely to have devastating implications for millions of Americans, especially the old and the poor. According to an assessment by the non-partisan Congressional Budget Office
, 24 million fewer people could have health insurance coverage by 2026.
Although overall premiums would fall around 10 percent by 2026 compared to the current law, that would vary tremendously depending on age and income. CBO's analysis found that a single 21 year old earning $26,500 would benefit from the new proposal. He or she would pay $1,700 for insurance premiums
under Obamacare and that would fall to $1,450 under the new plan.
The situation changes drastically for somebody earning the same amount aged 64. Currently, that person would pay $1,700 for an insurance premium (6.4 percent of his or her annual income) and that would rise to $14,600 (55.1 percent) if the Republican plan is enacted.
A 64 year old on a more comfortable $68,200 annual wage would pay out $15,300 (22.4 percent of his or her annual earnings) for insurance under Obamacare. That would fall under the new Republican proposal to $14,600 (21.4 percent of annual earnings).