A federal judge in Texas ruled, on Friday, that the Affordable Care Act, known as ObamaCare is unconstitutional.
"In the near term, if the ruling were upheld, the loss of ACA-driven health insurance would eliminate the expanded Medicaid coverage that the ACA provided and hurt the individual market for health insurance that has helped millions of Americans", S&P said.
U.S. President Donald Trump (R) talks with U.S. Supreme Court Chief Justice John Roberts as he departs after delivering his State of the Union address to a joint session of the U.S. Congress on Capitol Hill in Washington, U.S. January 30, 2018.
If the ruling stands, Herring said insurance companies could refuse to cover the approximately 1.3 million Virginians, or 25 percent of all adult Virginians, who have a preexisting health condition. And the stakes go even higher.
Shares of US health insurers, hospitals and healthcare companies fell on Monday in the aftermath of a ruling by a federal judge in Texas that the Affordable Care Act (ACA), commonly called Obamacare, was unconstitutional.
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Federal Judge Rules Obamacare is Unconstitutional
It is all but certain the case will become the third time the Supreme Court decides a constitutional question related to the ACA. An alliance of 19 Republican attorneys general and a governor led by Texas Attorney General Ken Paxton challenged the law.
Because Judge Reed O'Connor did not issue an injunction after ruling the ACA unconstitutional, supporters of the law can not file immediately for an appeal.
After the judge's ruling, White House press secretary Sarah Sanders said, "We expect this ruling will be appealed to the Supreme Court". The Republican-led Congress past year eliminated a penalty that the ACA levied on people who opted not to obtain insurance. The Trump administration is not defending the Affordable Care Act, so Becerra and 16 other Democratic attorneys general have stepped in.
The ruling, if affirmed, would have a draconian impact on the healthcare sector and the overhang alone could trigger widespread selling across the sector, Oppenheimer analyst Michael Wiederhorn said.
Trump celebrated the decision Friday in a series of spirited tweets. Without the financial penalty in place, the mandate does not cause any harm that can form the basis of a lawsuit, Bagley said.