More than 10 million people have received coverage under the Affordable Health Care Act, or Obamacare.
While many of those people will continue to get subsidies to help pay for insurance, many of them will also see premiums skyrocket due to higher deductibles and out-of-pocket costs.
According to the nonpartisan Congressional Budget Office, premiums will rise by $1,200 per person for a single person and by $2,700 per person in a family of four.
That means people with an average income of $100,000 or more will see their premiums rise by about $2.5 million over the next decade.
The CBO estimates that the bill will also reduce federal spending by $337 billion in 2025, resulting in an additional $6.5 trillion in cuts in government spending over the decade.
A major component of the bill’s cost-cutting measures is to phase out federal funding for private insurers that offer health insurance to people who don’t qualify for Medicaid, which covers about 25 million people.
The bill also would phase out subsidies for people who buy coverage on their own and reduce the federal share of the costs for those who buy through state and local governments.
Health care experts say this is an important step because it allows states to make their own decisions on whether or not to expand Medicaid, a program that has expanded substantially under the ACA.
States can decide whether to expand the program by voting on whether to do so by July 31.
Under the ACA, states are supposed to begin to administer the program in July 2020, and to end the program later in 2020.
But under the House bill, states would have until 2022 to decide whether or when to start offering Medicaid coverage.
The bill also includes a provision that allows states that are eligible to expand to offer additional coverage options to people with preexisting conditions.
Those people could receive up to $6,500 in subsidies, according to the Congressional Budget Service.
The CBO estimated that if the bill became law, the average cost of coverage would rise by as much as 10% annually for the bottom 20% of the income distribution.
The Senate passed the bill on Thursday, with all Republican senators voting in favor.
Republicans also voted to eliminate the Medicaid expansion and roll back some of the ACA’s most important protections for people with pre-existing conditions, including protections against discrimination and restrictions on insurers discriminating against people with mental health issues.