Trump’s $200 trillion spending proposal could cost more than $200,000 per person per year in coverage for the elderly, according to a Congressional Budget Office analysis.
The study also found the proposal could result in $100 billion in annual lost federal subsidies, and $400 billion in increased premiums.
It’s the first time CBO has found such high costs for such a sweeping plan.
The report came out hours after Trump and congressional Republicans unveiled their proposal to repeal and replace Obamacare.
The Senate voted 52-48 on Friday to proceed to a final vote in the Republican-led House, and a measure is expected to be passed in the House by Thursday.
The nonpartisan agency also said the plan would increase the number of people insured by 1.7 million, and it would increase premiums by at least 30 percent, which would have a significant impact on people making less than $50,000 a year.
The analysis, released Tuesday, found the health care plan would add an estimated 11.5 million uninsured people and add $3 trillion to the federal deficit over 10 years.
CBO noted that the nonpartisan office is the only government agency that studies the impact of health care legislation on the U.S. economy.
The agency estimated the bill would result in an increase in the uninsured rate by 3.2 million over the next decade.
The CBO also estimated the cost of covering those without insurance at $1.6 trillion, an increase of at least $3,000 over the current health care system.
“The health care proposal proposed by the President today is a substantial step forward, and one that will help reduce the health risks for millions of Americans who rely on health care,” said U.N. Ambassador Nikki Haley.
“However, it is not without its costs, and the full analysis of the proposed bill is not yet complete.
The President and the House should take action to ensure that it is balanced and that it will not exacerbate existing risks to the American people.”
The CBO estimates that by 2026, the uninsured population would be 8.3 million and the uninsured cost to the economy would be $10.6 billion.