“The new CBO report shows that under the Senate reform legislation, millions of American families and small businesses will see substantial improvements in coverage and a dramatic drop in premiums, while coverage will be strengthened and premiums will decline or stay steady for the vast majority of Americans.
“For millions of those who are most at risk in the current environment – people who don’t get coverage through their jobs but buy it on their own – the CBO report states that the Senate legislation will reduce average premiums by 56 to 59 percent.
“The CBO report shows that for 70 percent of Americans under age 65 – those who work for medium and large-sized companies – average premiums will be stable, or fall up to 3 percent of current premiums. Small businesses will see similar impacts, except for the 12 percent who receive subsidies, who will see substantial reductions of 8 to 11 percent on average.
“Millions will start getting better coverage for their money, with the CBO report stating that the reform legislation would lead to nongroup plans having a ‘greater actuarial value and broader scope of benefits.’
“The CBO report also confirms that the Senate health care bill will shore up our current employer-based health care system, inject greater competition into health insurance markets, and sharply reduce the amount of uncompensated care.
“On top of these benefits, the Senate reform legislation will guarantee that all Americans will have access to affordable coverage if they switch jobs or lose their jobs; that all Americans will gain greater protection against medical bankruptcy; and that all Americans will be protected from abusive insurance company practices, like denying people coverage for pre-existing conditions and dropping people’s coverage when they get sick.”
Judy Feder is a Senior Fellow at the Center for American Progress Action Fund