What Will Happen to Health Insurance in 2017
Now that Donald Trump is president, a lot of people are asking what this will mean for their health insurance coverage in 2017?
In a recent article in the Washington post, president-elect Donald Trump said that he is nearing completion of a plan to replace President Obama’s signature health-care law with the goal of “insurance for everybody,” while also vowing to force drug companies to negotiate directly with the government on prices in Medicare and Medicaid.
Trump declined to reveal specifics in the telephone interview late Saturday with The Washington Post, but any proposals from the incoming president would almost certainly dominate the Republican effort to overhaul federal health policy as he prepares to work with his party’s congressional majorities.
What does this mean for people with health insurance through the ACA? According to healthinsurance.org
The plan designs for 2017 are already locked in, and enrollment is underway. The legislation to repeal subsidies is expected to come in 2017. But it’s unlikely that it would take effect before 2019 because Congress and the IRS need time to implement a replacement plan.
The ACA was signed into law in 2010, but the bulk of its provisions (including subsidies, guaranteed issue coverage, and Medicaid expansion) didn’t take effect until more than 3½ years later, at the start of 2014.
In a similar vein, an ACA repeal bill is likely to be implemented at least a year or two after it’s enacted, in order to minimize disruption. But make no mistake – there will be a disruption. Just as the ACA created an upheaval, so too will undoing the ACA.
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What exactly are Trumps plans for Obabmcare? Trump’s healthcare position page goes on to list his plans for replacing Obamacare
- Completely repeal Obamacare. Our elected representatives must eliminate the individual mandate. No person should be required to buy insurance unless he or she wants to.
- Modify existing law that inhibits the sale of health insurance across state lines. As long as the plan purchased complies with state requirements, any vendor ought to be able to offer insurance in any state. By allowing full competition in this market, insurance costs will go down and consumer satisfaction will go up.
- Allow individuals to fully deduct health insurance premium payments from their tax returns under the current tax system. Businesses are allowed to take these deductions so why wouldn’t Congress allow individuals the same exemptions? As we allow the free market to provide insurance coverage opportunities to companies and individuals, we must also make sure that no one slips through the cracks simply because they cannot afford insurance. We must review basic options for Medicaid and work with states to ensure that those who want health care coverage can have it.
- Allow individuals to use Health Savings Accounts (HSAs). Contributions into HSAs should be tax-free and should be allowed to accumulate. These accounts would become part of the estate of the individual and could be passed on to heirs without fear of any death penalty. These plans should be particularly attractive to young people who are healthy and can afford high-deductible insurance plans. These funds can be used by any member of a family without penalty. The flexibility and security provided by HSAs will be of great benefit to all who participate.
- Require price transparency from all healthcare providers, especially doctors and healthcare organizations like clinics and hospitals. Individuals should be able to shop to find the best prices for procedures, exams or any other medical-related procedure.
- Block-grant Medicaid to the states. Nearly every state already offers benefits beyond what is required in the current Medicaid structure. The state governments know their people best and can manage the administration of Medicaid far better without the federal overhead. States will have the incentives to seek out and eliminate fraud, waste, and abuse to preserve our precious resources.
- Remove barriers to entry into free markets for drug providers that offer safe, reliable and cheaper products. Congress will need the courage to step away from the special interests and do what is right for America. Though the pharmaceutical industry is in the private sector, drug companies provide a public service. Allowing consumers access to imported, safe and dependable drugs from overseas will bring more options to consumers.
The reforms outlined above will lower healthcare costs for all Americans.
The Thumann Agency team is here to assist and provide you with a superior level of customer service if you have question or would like to talk to an insurance expert, we encourage you to give us a call at (972) 991.9100
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