Healthcare Reforms What is Donald trump's new healthcare plan once he repeals obamacare?

Glossary

Pharmaceutical - relating to medicinal drugs, or their preparation, use, or sale.

Premium - an amount to be paid for an insurance policy.

Medicaid - is a health care program that assists low-income families or indials in paying for long-term medical and custodial care costs.

individual market - Major medical is the most commonly purchased form of individual health insurance. In the individual market, the consumer pays the entire premium without benefit of an employer contribution.

Aggregate - a whole formed by combining several (typically disparate) elements.

Incentivize - a thing that motivates or encourages one to do something.

How will Donald Trump’s new healthcare plan lower healthcare costs?

Donald Trump’s new healthcare plan will lower the prices of healthcare, including the price of drugs and medication along with the cost of insurance.First once Donald Trump repeals ObamaCare he will allow people to compare prices of whatever medicine or drugs they need. In an article published by the Washington Post, Donald Trump explains his plan for matching prices. He states, “Under what is known as a Medicaid “best price” rule, pharmaceutical companies already are required to sell drugs to Medicaid as the lowest price they negotiate with any other buyer.” By allowing people to compare prices, patients are able to find the lowest price for whatever medication they need. This will eliminate people having to pay high prices for a drug provided by their doctor even when another company sells the product for less. Trump’s new plan also involves people being able to buy insurance anywhere in the country. Donald Trump’s campaign manager, Kellyanne Conway, explains in an interview with FOX News states this important aspect of Trump’s new plan. Kellyanne claims, “Donald Trump and Mike Pence will allow you to buy your health insurance across state lines.” By allowing people to buy insurance from other states this increases competition. Now insurers have to compete against other companies all over the country, not just the state. This increased competition causes a drop in insurance premiums since there are more options for people to find lower prices. By repealing and replacing ObamaCare Donald Trump is able to lower the price of healthcare for the people.

So what will these lower healthcare costs mean for businesses?

How will Trump’s new plan affect businesses who are providing insurance?

Donald Trump’s new health care plan and intended tax cuts will have an effect on businesses providing health insurance and their employees. Robert W Wood, a tax lawyer from University of Chicago Law school claims, “The Cadillac tax is a 40% tax on the cost of employer-sponsored health coverage exceeding certain thresholds: $10,800 for self-only coverage, and $29,100 for family coverage.” The cost of Cadillac tax is results in higher costs for employees, higher deductibles, and other add-ons, putting pressure on businesses to offer less generous health insurance. Since the there is a full seat of Republicans in the house and senate it is almost for sure that the Cadillac tax will be repealed. Therefore businesses who are providing their employees with health insurance will have an easier time being able to afford to provide their employees with insurance. According to Money: Personal Finance News and Advice, Donald Trump’s tax cuts will benefit small businesses. They claim, “Donald Trump also wants to cut the corporate tax rate from 35% to 15%, and has floated the idea of applying that lower rate not just to large corporations, but small business owners -- including doctors, lawyers, and even freelancers.” By cutting the corporate tax rate will allow businesses to provide their workers with better insurance. Many small businesses providing insurance to employees cannot afford to have great coverage. The lower corporate tax rate will decrease the tax burden on these businesses and they will be able to give their employees much better health care insurance. Trump’s new plan will help business provide better quality insurance to their employees.

Will the low costs of Trump's new plan mean lower taxes too?

How will Trump’s new health care plan affect taxpayers?

By repealing and replacing ObamaCare there will be new changes brought to taxpayers with Trump’s new plan. In efforts to decrease taxes Tom Miller, a resident at the American Enterprise Institute, he claims, “The structure and nature of taxpayer subsidies will change, but not much in their aggregate amount. For example, tax credits for insurance premiums in the individual market will become more broadly allocated, simplified and flatter -- in age-adjusted, rather than income-sensitive, amounts.” Taxes for people's insurance premiums will be changed and created based on the individual themself. It will take into consideration people's age, gender, medical conditions, and many more aspects to determine the amount of taxes someone will pay. This eliminates wealthy people from paying extremely high taxes for health care. Donald Trump’s new health care plan will also eliminate. The article, The Ultimate Q&A about Health Care Under a Trump Presidency, written by the Washington Post explains one of Trump’s tax cutting plans, “ expanding access to health savings accounts that are tax free” A health savings account is similar to a personal savings account, but used to pay for medical expenses. Allowing people to pay for their individual health care means they do not have to pay taxes on the money they are contributing to that account. Having money in a health savings account can also lower people's monthly insurance premiums. Trump’s new plan involves making a Health Savings account easier to access and available to everyone by. More people using a health savings account will lower taxes overall. Donald Trump’s new healthcare program plans on lowering taxes in order to make healthcare more affordable.

Even if Trump's plan will decrease taxes and cost less, what about people with health conditions who still cannot afford care?

How will Trump’s new plan affect those with preexisting conditions?

People with pre-existing health conditions are covered by the Affordable Care Act, with Trump repealing the ACA, he will still be able to help these people. Although Trump is repealing and replacing ObamaCare he has decided to keep certain parts. Kellyanne Conway, Trump’s campaign manager, told FOX News that “He is willing to keep some parts of the Affordable Care Act including the part that forces insurers to cover people who have preexisting health conditions.” This means anyone who has medical condition before their health insurance went into effect, will not be denied health care. Before the Affordable Care Act went into place people with pre-existing conditions such as diabetes, HIV/AIDS, etc, could be denied coverage. Trump will keep this aspect of ObamaCare to make sure these people have coverage. Kimberly Amadeo, the president of World Money Watch, describes how Trump will make sure these people are covered. She claims, “The federal government would fund $25 billion for those who couldn't afford the higher premiums.” By setting aside a certain amount of money each year this pretty much guarantees that anyone with a pre-existing health condition will be covered. These people do not have to worry about being denied coverage since the government has dedicated a specific amount of money towards them.

If Trump's plan covered those with pre-existing conditions, will other people be protected too?

Who will be eligible to sign up for Trump’s new plan?

Donald Trump’s new health care plan has promised to ensure anyone who wants health insurance. Speaker of the House of Representatives, Paul Ryan, claims that Trump’s plan will “provide universal access” to health insurance, instead of universal insurance coverage.” Having universal access means that anyone can sign up for Trump’s new health care plan. Even those who cannot afford health care coverage will still be provided care. Donald Trump’s plan will ensure that everyone who wants health insurance is able to have it. Although not everyone will be able to afford health care, Trump’s new plan will be cheaper which can lead to more people signing up for health insurance. Robert Laszewski, president of Health Policy and Strategy Associates, a healthcare consulting group in Washington, D.C., said “more Americans will be insured during Trump’s upcoming presidency...stripping the mandates under Obamacare would let insurance companies offer more “flexible” and inherently cheaper insurance plans that would incentivize more Americans to sign up.” Having cheaper health insurance could encourage more people to sign up. Especially since anyone is able to sign up for health care with Trump’s plan, more people will be covered during ObamaCare. Overall Trump’s new healthcare plan has promised to ensure anyone and everyone who wants health insurance.

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