According to a recent report by the Congressional Budget Office, which is bipartisan by the way, the Affordable Care Act will cost the federal government approximately $104 billion less than expected over the next ten years. That lowers the total bill over the next ten years to $1.4 trillion. This year alone will cost $5 million less than projected.
Lower spending on the healthcare care law are credited for shrinking deficits overall, according to the CBO. The federal government is still projected to produce a $492 billion shortfall this year. That represents a a 33% decrease of the annual national deficit compared to last year. However, annual deficits are projected to increase again by 2016, according to the CBO. By 2024 the Congressional Budget Office expects the annual budget deficit to top more than $1 trillion.
The CBO stated that lower payouts to providers and lower than expected premium costs for consumers are to be credited for reducing the cost of Obamacare, or the the Affordable Care Act. The mandate that individuals acquire health insurance or pay a penalty, as well as the mandate that medium to large sized companies provide health insurance or pay a penalty (which starts in 2015) will further reduce the cost of Obamacare. The CBO does project premium costs for consumers to rise by more than 6% annually through 2024.
The CBO also expects the number of individuals who have health insurance to increase drastically. By 2024 the CBO projects more than 89% of people in the United States to have health insurance. They project that by 2024 Obamacare will contribute to just 31 million individuals to remain without health insurance; 26 million fewer than without Obamacare.