According to the architect of the Affordable Care Act, Ezekiel Emanuel, the Republicans are to blame for causing most of the anxiety that has resulted in many insurance companies being doubtful and have made them either leave the market or increase the premium rates.
There is an expectation that on Thursday, the US Senate Republicans will reveal the context of their draft to replace Obamacare which they are still keeping as classified information, which might be a replica of the earlier description from the assembly.
The duplication got away with a small edge and had a projection of getting to 23 million people who do not have insurance by 2026 by the Congressional Budget office which is mainly non-partisan. The house bill is getting more and more public opposition, some of it coming from the Republicans.
The main issue is that too much of this uncertainty is increasing anxiety among insurance companies. When the insurance companies are anxious, two things are bound to happen. They will increase the premiums or they will leave the market. That is precisely what is happening, Emanuel said to CNBC’s Squawk Box.
According to available data, average insurance rates for individual persons under Obamacare have increased to 39% since 2014, and the family insurance plans have gone up to 49%.
Emanuel continued to state that the uncertainty was brought about by the Republicans that was not experienced during President Obama’s regime. They are going to be entirely responsible to the many people that will lose healthcare insurance and they will blame the administration.
Emanuel admitted that there was a need to improve the effectiveness and efficiency of Obamacare, and therefore necessary amendments should be made. He continued to state that it was possible to achieve market stability by implementing the directive, giving risk orders and reinsurance back to the insurance firms and reassuring the people that they will get subsidized rates for sharing costs. All this, together with a promotional drive aimed at the younger generation would contribute towards market stabilization.
Emanuel continued to state that improvement is different than cancellation. It is also quite unlike making 23 million people lose healthcare insurance and Medicaid, as is being seen in the plans being deliberated by the republicans.
In a meeting this past week with the Republican senators, President Donald Trump termed the house bill as “mean” and sometime this week, while being accompanied by tech CEOs, he stated that the senators should be more considerate with the bill.
According to Emanuel, cost control and affordability were still a major concern as far as American Health care is concerned and this is one area where the Democrats and Republicans could see eye to eye. The Bill as led by the Republicans does not address the affordability factors, which is a worrying position.
According to Mr. Emanuel, regulating the cost of medicine is one factor that both partied could agree on.
It came as a big surprise that the Republicans did not begin with this factor which has made the president very disconcerted. This was considered one aspect that could easily be agreed upon and leave a legacy.
