More than 12 million people will gain health insurance under the Affordable Care Act this year, according to new projections released by the Congressional Budget Office Monday. And millions more stand to benefit from the law over the next decade.
At the same time, the law’s costs to the federal government are shrinking. According to the new projections, the federal government will spend more than $100 billion less on Obamacare’s coverage provisions through 2024 than previously projected. That includes a downward estimate of about $5 billion this year. Overall, spending on the federal and state insurance exchanges are projected to cost 14% less than originally forecast.