The Congressional Budget Office (CBO) has released a report, detailing a ten-year plan on Health Insurance for those 65 and under from 2016 through 2026. The 40-page report discusses the various subsidies offered to those 65 and under, with an estimation (in conjunction with the Joint Committee on Taxation - JCT) of said subsidies totaling in excess of $600 billion for 2016.
Both the CBO and JCT reveal several estimates within the report, including how many of those U.S. residents not in a nursing home or other institution under the age of 65 will have qualifying health care at any given month in 2016. That figure averages 244 million. The 10-year projection suggests that by 2026, the figure will jump to 253 million. However, those uninsured are estimated to increase by two million—from 26 million to 28 million, yet those uninsured under the age of 65 are expected to hold steady at ten percent of that non-institutionalized population.
The report also discusses Medicaid, which provides a substantial amount of coverage for those under 65. The CBM and JCT estimate that in 2016, around 62 million non-institutionalized residents of the United States under the age of 65 will have Medicaid at any given month. By 2026, that figure is expected to jump by seven million people to 69 million.
While significant projections are listed within the report, there are also comprehensive breakdowns of existing health care information, such as the four major ways the federal government currently subsidizes health care for those under 65. This includes exclusion of premiums from federal income and payroll taxes through employer-obtained coverage, the federal government’s part in Medicaid funding (around two-thirds), tax credits, and coverage via Medicare and Disability. There is a bevy of helpful information within the document for employers and individuals/families alike, with a combination of statistics and valuable facts.
To view the report in full, click here.