Health Law in Trouble: Can Democrats Fix It?

Minnesota Governor Tim Walz said his running mate, Vice President Kamala Harris, would boost the Affordable Care Act (ACA) at the recent vice presidential debate. But is that good news? The ACA, often called Obamacare, hasn't made health insurance cheaper. In fact, premiums and deductibles have gone up. Before the ACA, the average monthly premium was $244. Now, it's $477. In some places, like Morgantown, West Virginia, a couple in their 60s could pay over $42,000 a year for a mid-level plan! Deductibles have also risen. The average for a basic bronze plan is now over $7,200, which is more than $2,000 higher than in 2014.

The quality of coverage hasn't improved either. Fewer people have plans with broad provider networks. In 2014, 36% did, but by 2023, it dropped to just 11%. Some people might not notice the increase in premiums because the government is covering them with subsidies. The Inflation Reduction Act capped premiums for some and lowered them for others. But this will cost taxpayers a lot. The bill for these subsidies over three years is $64 billion. If extended, it could cost $383 billion over 10 years. The ACA hasn't made health insurance more affordable. Democrats want to spend more tax dollars to fix it. But maybe it's time for a new approach. One that puts power in the hands of doctors and patients, not the government.

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