Trumpcare pros and cons – trumpcare proposal highlights
Find all the Trumpcare Pros and Cons as the House of Republicans plan to replace Obamacare, also known as the ACA (Affordable Care Act). The proposal was released Monday on the 6th of March, and would demolish Obamacare‘s tedious system for providing health insurance to millions of Americans. It also has factors set to eliminate Medicaid expansion throughout the 31 states previously equipped by 2020. Previously uninsured poor people will once again find it difficult to get any kind of coverage with this change to Medicaid. Tax subsidies will also be restructured to help Americans who don’t get coverage through an employer to buy health plans.
Trumpcare Pros and cons
Certain areas throughout the American Health Care Act made impacting changes to what we are used to with the Affordable Care Act. Below, we state the change, and clarify the Pros and Cons of the change
Tax penalty for minimum essential coverage dropped
30% of applicable premium penalty when you do not have continuous coverage for 63 days or more
Premium Subsidies to individuals
Flat tax subsidy for incomes below $75,000 is beneficial for some depending on status of poverty level.
For the citizens who received a higher tax subsidy for their coverage they receive less help
Cost sharing subsidies to individuals
Higher contributions to tax-sheltered health savings account, State fund that can help with cost sharing assistance.
For the individuals using cost sharing assistance the copays, deductibles and out of pocket are not reduced
Individual health insurance market rules
States may adopt a different ratio than the proposed 5:1
Ratio age rating was 3:1 has increased to 5:1 starting January 1, 2018.
Prohibition on gender rating, prohibition on pre-existing conditions, cover preventative benefits such as contraceptive and cancer screenings, cover maternity care as essential benefit
Prohibit federal Medicaid funding for Planned Parenthood clinics, qualified health plan to exclude any plan that covers abortion services, beyond those of saving the life of the woman, rape, or incest.
Health Savings Accounts (HSA’s)
Increased annual tax free contribution limit to match the out of pocket limit of the high deductible health plan, tax penalty reduced from 20% to 10%, qualified medical definition to include over the counter medications
Dependent coverage to age 26
No changes made
Employer requirements and provisions
Tax penalty for large employers eliminated retroactive January 1, 2016.
Low-wage small employer’s tax credit repealed
Cut estimated to generate $337 billion over the next 10 years largely from Medicaid reductions and the elimination of the ACA’s subsidies for non-group health insurance according to CBO.
Fixed per capita cap would replace current funding. Medicaid expansion funding ceases by 2020.
High income payroll tax and annual fee paid by branded drug manufacturers is repealed beginning after December 31, 2017. Medicare Shared Savings Accountable Care Organizations
Penalties for hospital readmission and hospital acquired conditions.
New Patient and State Stability Fund. Funds used by states for financial help for high-risk individuals, to stabilize private insurance premiums, promote access to preventive services, provide cost sharing subsidies, and for other purposes.
House Republicans are carrying out legislation to deliver relief from Obamacare’s taxes and mandates to completely lay out the foundation for a 21st century health care system.
Specifically, the primary Committees with jurisdiction over health care—Ways and Means and Energy and Commerce—have released legislation that not only repeals the law, but replaces it with reforms President Trump laid out.
Taken together, here’s what the three combined legislation will attempt to accomplish:
Eliminate the individual / employer mandate penalty
that forced millions of workers, families, and employers into expensive Obamacare plans that they cannot afford.
Dismantles the Obamacare taxes
that have hurt job creators, increased premium costs, and limited options for patients and health care providers—including taxes on prescription drugs, over-the-counter medications, health-insurance premiums, and medical devices.
PRESERVE VITAL PATIENT PROTECTIONS
Help young adults access health insurance
And stabilize the market by enabling dependents till they’re 26 to carry on remaining on their parents’ plan.
Prohibit health insurers from denying coverage
or charging more money to patients based on pre-existing conditions.
ADVANCE 21ST CENTURY REFORMS PROPOSED BY PRESIDENT TRUMP
Establish a Patient and State Stability Fund
which provides states with $100 billion to design programs that meet the unique needs of their patient populations and help low-income Americans afford health care
Modernize and strengthen Medicaid
by transitioning to a “per capita allotment” so states can better serve the patients most in need.
Empower individuals and families
to spend their health care dollars the way they want and need by enhancing and expanding Health Savings Accounts (HSAs)—nearly doubling the amount of money people can contribute and broadening how people can use it.
Help Americans access affordable, quality health care
by providing a monthly tax credit—between $2,000 and $14,000 a year—for low- and middle-income individuals and families who don’t receive insurance through work or a government program.
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