How the US is seeing a spike in stores closing due to Obamacare coverage
The number of stores closing as a result of Obamacare coverage has surged as the Trump administration rolls out its insurance expansion on January 1, according to a report by Axios.
The report, which tracked the number of US stores closing for a year, shows that the number had doubled to about 1,000 on December 31, from 6,000 in January of last year.
The number has continued to rise over the past year.
While the US economy is experiencing a boom, the health care law has helped create a “huge supply of empty stores,” according to the report.
The number of health insurance-related stores in the US, according the report, has tripled from a year ago, with nearly 4,000 closed due to the law.
While that number is up from the same period last year, the report suggests that more stores may close as the government begins to implement the health insurance expansion.
The health care expansion was created by former President Donald Trump and implemented in the aftermath of the 2015 Sandy Hook Elementary School shooting.
According to the Affordable Care Act, health insurance plans are required to cover certain essential health benefits like maternity care, mental health, and prescription drugs.
In 2018, more than 4,800 stores were open in the country, according data from the National Association of Manufacturers, with most of those stores closing in October due to Trump’s policies.
The National Association estimates that over 400,000 people could lose their health insurance coverage under the law, according a report published by the Kaiser Family Foundation.
A few weeks after Trump signed the health law into law, the number dropped as the president was forced to leave office.
The health insurance marketplaces have become so crowded that many states have imposed “standstill periods” in which they do not open or close their insurance markets for a certain number of days to give insurers more time to implement coverage for the uninsured.
The Affordable Care Fund is an initiative designed to help states implement the ACA.