Despite its official release not coming out yet, CNBC and other media outlets have received the details of the GOP health-care reform bill that will be released Thursday by Senate leaders.
The bill would repeal Obamacare taxes, structure subsidies to insurance customers based on their incomes, and phase out Medicaid’s expansion program. It will also guarantee, for a certain amount of time, payments to health insurance companies that reimburse them for cost-sharing reductions given to low income customers of ObamaCare plans.
Sources told CNBC that “the federal government’s share of funding for Medicaid, which is jointly run with individual states, would fall over the course of seven years to end up at around 57 percent of the cost of that program, which offers health coverage to the poor.”
Under Obamacare, the federal government had guaranteed that its funding for adults newly eligible for Medicaid due to the Affordable Care Act would fall to no lower than 90 percent of their costs.
The official draft of the bill is expected to be released online at 11 a.m. Thursday, but the Trump administration is expected to support the bill.
Senate GOP leaders want to have a vote on the bill by late next week, before Congress’ July 4 recess.
The Congressional Budget Office is expected to release, by Monday at the soonest, an analysis of the Senate’s bill. That analysis will “estimate how many people are likely to become uninsured in the next decade if the bill becomes law, as well as how premiums for individual health plans would be affected.”
The CBO “score” would also include projections on the bill’s impact on federal spending.
The release of the draft of the Senate bill comes more than a month-and-a-half after GOP leaders in the House barely managed to win passage for their own health-care legislation.
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Insight into the new Republican-crafted healthcare bill