Costs for older, low-income Americans would increase drastically under the GOP’s American Health Care Act in comparison the Affordable Care Act, the Congressional Budget Office determined in an assessment of the proposed legislation.
According to estimates from the CBO released on Monday, a 64-year-old individual with an annual income of $26,500, would pay a net premium of $14,600 for non-group health insurance, as compared with the $1,700 they currently pay in premiums under Obamacare.
By comparison, a 21 year old with the same income would pay $1, 450, and a 40 year old would pay $2, 400.
Currently, all three age groups in that income bracket currently pay around $1,700 in premiums.
A 64-year-old making $68,200 would also pay $14, 600 in net premiums under the American Health Care Act, significantly more than a 21-year-old and 40-year-old in their income bracket. But they are getting a slight reduction from the $15, 300 in premiums they pay for Obamacare.
Premium tax credits for both income brackets are equal under the GOP plan, with 64-year-olds receiving $4,900.