As we quickly approach the end to Trump’s 100 days in office (April 29, 2017), many are curious as to where we stand when it comes to Obamacare AKA The Affordable Care Act. At the beginning of his campaign, Trump made a lot of promises and proclamations about repealing Obamacare. Since the election, the republicans has toned down their stance.
What Plans Does the New Administration Have for Obamacare?
The Republicans recently revealed what their big plan is when it comes to The Affordable Care Act. One of the most glaring changes in their proposal is the name given to Obamacare. Their proposal changes the name from The Affordable Care Act to The American Care Act. Some of the other changes we may see under the new Administration include:
- Removing the requirement of having insurance or risk the consequence of suffering a fine
- Ending Obamacare taxes on the wealthy
- Changing how people get financial aide needed in order to purchase health insurance coverage on an individual level
Keeping in mind that this is still in the proposal stages, other items on the table for approval are:
- Changing the way the Medicaid system is funded
- Eliminate the rule that requires companies with 50 or more full time employees provide health coverage or pay a fine
- Ending subsidies for out of pocket costs for low income Americans
- Creating a new system of financial aid and penalties for those who allow coverage to lapse
- Tax credits based on age – starting at $2,000 for those in their 20’s with a gradual increase to $4,000 for those aged 60 and over available to individuals who earn up to $75,000 and households up to $150,000
- Insurers allowed to charger older citizens premiums up to 5 times the rate of younger people which is different from Obamacare’s 3 to 1 rate
- Not giving states the authority to expand their Medicaid programs to all adults by 2020 after which date no newly eligible adults could sign up
- Pre-existing conditions where insurers cannot deny coverage or charge higher rates to people with pre-existing conditions
- The ability for adults under the age of 26 to get coverage from their parents plan
- The 10 essential health benefits set up by The Affordable Care Act
- The fact that insurers will be barred from setting maximum limits on benefits paid out
While there are many changes on the table, there are many items that will not change. The republicans look to make changes to drive down costs while providing quality health insurance at more affordable prices. Some may challenge this by saying the plan will remove coverage from many Americans who couldn’t afford it previously.
Stay tuned as we continue to learn more about what actually ends up being approved.
If you have questions about your coverage or getting covered, contact me today!
I can be reached at: (813) 391-3448 or email me at Dave@YourObamacareGuy.com