Late January, President Trump signed a healthcare executive order that could impact employers, even if it did not specifically mention them.
The executive order instructed federal agencies to, “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement that would impose a fiscal burden,” on states, health care providers or individuals. The order can undo individual mandates to purchase insurance and other mandates placed on employers, like providing full-time employees with coverage.
The employer mandates may be regarded as a fiscal burden, according to the wording of the executive order. The employer mandate may become questionable if there is no tax on individuals who do not have minimum essential health insurance.
Nonetheless, it is advisable for all employers to continue complying with the established rules by the ACA until the GOP proposed American Health Care Act (or another act) is implemented.
The transition from the ACA to the proposed American Healthcare Act may be painful and prolonged. Stay on top of what is happening in the industry and understand your existing health coverage to be able to evaluate what may replace it.
According to president-elect Donald Trump, Americans have suffered under the weight of a massive economic burden brought about by the Affordable Care Act (ACA).
Apparently the Affordable Care Act was passed into law without much foresight, resulting in out-of-control costs, non-functional websites, higher premiums, less competition in the insurance industry and a greater rationing of care. As a result of the legislation, every American was allegedly faced with uncertainty of the ACA collapsing, causing even greater economic concern and hardship when it came to health care.
President Donald Trump’s administration suggests that on day one of a new administration free market reforms would be introduced into the health care industry by completely repealing the ACA. Replacing the repealed legislation would be the next task and the administration indicates it would have such reforms ready that closely follow free market principles geared to restore certainty and economic freedom to all Americans. Free market principles combined with sound public policy are intended to broaden health care access, improve the quality of care and make it more affordable.
The proposed seven-point plan touted by president-elect Donald Trump to make health care more affordable for all Americans will allegedly:
- Lower health care costs for every American
- Remove uncertainty about health care
- Offer financial security for Americans
- Tackle other policy revisions to lower the cost of health care
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Enforce immigration laws to relieve economic pressures on Americans in health care
- Stop fraud and waste and energize the American economy
- Reduce the number of people accessing programs such as Children’s Health Insurance, Medicaid
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Work on growing the economy by bringing jobs and capital back to the United States
- Reform mental health services
It appears that the plan to reform health care in the United States is ambitious and may result in some significant changes for Americans. While it is not precisely clear how many of the proposed reforms are to be implemented and what may be designed to replace existing health care legislation, there are many industry pundits who feel that change may be a good thing to stimulate the economy.
The country is on the brink of a new era and it appears that approaching health care with a different point-of-view may produce some interesting results, not only for the people, but also for the insurance industry as a whole.
According to president-elect Donald Trump, there is a pressing need for free market reforms in the health care industry. It appears from campaign speeches and recent media interviews that in order to create a free market for health care Obamacare may be repealed.
Mr. Trump has suggested this will happen on day one of his administration taking office. Although he has stated he would seek a total repeal of all aspects of Obamacare, recent media coverage suggests he has taken a slightly different stance on the matter and may agree to retain some aspects of it, such as extending health care coverage to students.
Mr. Trump has stated that by adhering to free market principles his government intends to restore economic freedom and certainty to Americans. He plans to make health care affordable, improve the quality of care available and broaden access to health care.
Health care under a Trump administration may allegedly be accomplished by:
• Congress repealing all or parts of Obamacare. No one should be forced to buy insurance.
• Modifying existing laws inhibiting the sale of health insurance across state lines. Full competition in the industry drives prices down.
• Permit Americans to deduct health insurance premium from tax returns.
• Review Medicaid basic options to allow those who want health insurance to access it.
• Permit Americans to use Health Savings Accounts (HSAs), ensuring they are tax-free and allowed to accumulate.
• Mandate price transparency for all medical professionals, particularly physicians, clinics and hospitals. Americans should be allowed to shop for the best price for procedures, exams or any medical procedure.
• Stop-grant Medicaid to states. State governments can manage Medicaid administration without federal interference. States will be offered incentives to reduce waste and eliminate fraud.
• Remove free market barriers for drug makers that offer reliable, less expensive and safe products. Americans should have more options open to them and be allowed access to less expensive, imported, dependable and safe drugs.