Great news: Obamacare premiums to spike

Great news: Obamacare premiums to spike

Obamacare exchange customers could see a significant spike in their premiums over the next few years as insurers face pressures from both the government and the marketplace, the Congressional Budget Office said Monday in a new analysis finding Obamacare is both cheaper and less comprehensive than predicted.

The CBO said the exchanges and other new medical coverage under the Affordable Care Act will cost the government slightly more than half a trillion dollars over the next five years, which is about $200 billion less than than the $710 billion projected when the law was enacted in 2010.

Some of that is due to tweaks to the law, and to changing economic conditions, but the CBO and its fellow scorekeeper, the Joint Committee on Taxation, said medical care costs have also grown at a slower rate than projected, helping lower payments for both private care and for government programs such as Medicaid and Medicare. …

By 2020, about 23 million Americans will be using the exchanges and 17 million will be getting government help, at an average tax payment of $5,070.

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