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Updated Estimates for the Insurance Coverage Provisions of the Affordable Care Act 1 (March 2012)

handle is hein.congrec/cbo10657 and id is 1 raw text is: MARCH 20 12 Updated Estimates for the Insurance Coverage Provisions of the Affordable Care Act In preparing the March 2012 baseline budget projections, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have updated estimates of the budgetary effects of the health insurance coverage provisions of the Affordable Care Act (ACA).' [hat legislation comprises the Patient Protection and Affordable Care Act (Public Law 111-148) and the health care provisions of the Health Care and Education Reconciliation Act of 2010 (P.L. 111 I-152). The insurance coverage provisions of the ACA establish a mandate for most legal residents of the United States to obtain health insurance; create insurance exchanges through which certain individuals and families may receive federal subsidies to substantially reduce the cost of purchasing health insurance; significantly expand eligibility for Medicaid; impose an excise tax on certain health insurance plans with relatively high premiums; establish penalties on certain employers who do not provide minimum health benefits to their employees; and make other changes to prior law. 2 CBO and JCT now estimate that the insurance coverage provisions of the ACA will have a net cost of just under $1.1 trillion over the 2012-2021 period-about $50 billion less than the agencies' March 2011 estimate for that 10-year period (see Table 1, following the text).3 The net costs reflect: m Gross additional costs of $1.5 trillion for Medicaid, the Children's Health See Congressional Budget Office, dated Budget Projections: Fiscal Years 2012 to 2022 (March 2012). 2 For more information on the insurance coverage provisions of the ACA, see Congressional Budget Office, cost. estimate for RR. 4872 the Reconciliation Act of 2010 (March 20, 2010). 3The budgetary effects of the ACA discussed in this report are its effects on federal revenues and mandatory spending; they do not include federal administrative costs, which will be subject to future appropriation action. CBO has previously estimated that the Internal Revenue Service will need to spend between $5 billion and $10 billion over 10 years to implement the law, and that the Department of Health and Human Services and other federal agencies will have to spend at least $5 billion to $10 billion over that period. In addition, the ACA included explicit authorizations for spending by a variety of grant and other programs; that funding is also subject to future appropriation action.

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