Trump's Obamacare Repeal Could Spell Chaos for Consumers

October 1, 2020 0 By HearthstoneYarns

Uncertainty about the future of Obamacare under a Trump administration might “spook” insurers and prompt them to leave the market early to avoid losses, Politico reported on Monday, which could spell chaos for consumers who are already facing a turbulent healthcare landscape.

Vice President-elect Mike Pence confirmed on Sunday that President-elect Donald Trump would prioritize repealing the Affordable Care Act (ACA) right “out of the gate.”

GOP lawmakers have said their repeal plan will give the ACA’s 20 million users a year or two to find alternative coverage before the plan is phased out. But, as Politico‘s Adam Cancryn and Paul Demko write, “repealing the law without a replacement is likely to spook health insurers, who might bolt from the markets prematurely to avoid losses as some people stop paying their premiums, while other people rush to have expensive medical procedures before losing coverage.”

“If they don’t get this right, a lot of people will suffer.”

Cancryn and Demko write:

Washington state insurance commissioner Mike Kreidler, a Democrat, told Politico, “The discussion right now about repeal and replacement is making the market very, very nervous. I would not be surprised to see the potential for a stampede to exit the market.”

All this comes amid an already-unreliable insurance landscape. Over the weekend, the New York Times reported on a study which found that even families with insurance are having trouble finding healthcare coverage—meaning that fully one in four children in the U.S. did not have access to essential services, despite record numbers of young people having insurance.