On Tuesday the CBO released its updated 10 year budget and economic outlook. The items that garnered the most media attention were appendix B and C which focused on updated impact of PPACA.
Here are some highlights of the report:
-The net cost from the PPACA coverage provisions between 2015-2024 are expected to be $1.48 trillion.
-The expectation is that the number of nonelderly people who have health insurance will increase by 13 million in 2014.
-Still, according to estimates 31 million nonelderly residents of the US will not have insurance in 2024.
-The CBO and JCT reduced the projected number of people who would be covered through the marketplace in 2014 from 7 million to 6 million.
-It is estimated that 80% of those enrolling in the marketplace will receive subsidies.
-The average subsidy per subsidized enrollee is expected to be $4700
-The number of people expected to be covered through employment-based coverage increased compared to the previous outlook.
-The CBO estimates that PPACA will cause a reduction of roughly 1% in aggregate labor compensation over the 2017-2024 period. Mostly because workers will choose to supply less labor so they can gain or keep eligibility for PPACA subsides.
-The reduction in hours worked represents a decline in the number of full-time equivalent workers of about 2 million in 2017, rising to about 2.5 million in 2024.