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InnovationRx: Millions Would Lose Health Insurance Under Republican Budget Bill

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In this week’s edition of InnovationRx, we look at the millions who would lose health insurance under the Republican bill, a startup that built a hospital in India to test its AI software, the impact of the vaccine panel changes, and more. To get it in your inbox, subscribe here.

Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, joined by Sen. John Barrasso, R-Wyo., the GOP whip, and Senate Majority Leader John Thune, R-S.D.

The Republican domestic policy bill, which cleared the Senate this week and could be voted on in the House as early as today, will have a drastic impact on Americans’ health and that of the country’s healthcare system if it goes into effect.

According to a report from the nonpartisan Congressional Budget Office, released on Saturday night, 11.8 million more Americans would become uninsured by 2034 under the Republican bill. Federal spending on Medicaid would be slashed by more than $1 trillion over that period, and total federal spending on Medicaid, Medicare and Obamacare would drop by more than $1.1 trillion.

The scale of the proposed cuts to Medicaid is unprecedented in the program’s 50-year history. They largely come from two key provisions: tight work requirements for those who receive health coverage and new restrictions on a strategy used by some states to finance Medicaid. The cuts could have a devastating impact both on those left without insurance and the hospitals that serve them.

Medicaid, jointly funded by the federal government and the states, provides health coverage to more than 71.2 million disabled and low-income Americans.

The proposed cuts to Medicaid could be particularly rough for those who are nearing retirement and can’t find work, particularly blue-collar workers who are no longer physically able to perform their former jobs. As AARP executive vice president and chief advocacy and engagement officer Nancy LeaMond wrote in a letter to Senate leaders on Sunday: “This creates a steep coverage cliff for those in their 50s and early 60s – particularly for those nearing retirement or working part-time – who may be left with no affordable coverage option at all.”

These cuts would also ripple out through hospitals and other healthcare providers. Particularly in rural areas, hospitals and healthcare providers rely on Medicaid patients to stay financially in the black. Although the pending bill includes $25 billion to support rural health systems,

© Forbes