Healthcare News: Obamacare Premiums Will Drop By 4% In 2020 For Certain Plans

Average premiums for benchmark plans on the Affordable Care Act (ACA) exchanges will decrease on average by 4% next year. The ACA, also known as Obamacare, was signed into law in 2010 and has faced fierce opposition from Republicans and a repeal effort from President Trump.

Secretary of Health and Human Services Alex Azar said that this was the second year in a row that ACA premiums have decreased under Trump. He yet argues that the "The Affordable Care Act simply doesn't work and is still unaffordable for far too many. But until Congress gets around to replacing it, @POTUS will do what he can to fix the problems created by this system for millions of Americans."

One reason the prices are going down is due to more insurers on the marketplace. A total of 175 insurers are offering plans on Obamacare exchanges across the U.S., 20 more than last year.

The ACA, which was passed in 2010, has attempted to lower the number of people without health insurance. But under the Trump administration, that number has actually increased. In 2017, 25.6 million Americans were without insurance, but in 2018, that number rose to 27.4 million, an increase of 0.5%.

Earlier in the Trump presidency, the Senate had voted on a GOP repeal of the ACA legislation, but it was saved by late Arizona Sen. John McCain, who voted no. McCain didn't like the rushed Republican-led process of the repeal plan.

One of the key parts of the ACA was the individual mandate, which forced most Americans to buy insurance or pay a fine. Trump has eliminated the mandate, calling the fine a "cruel tax."