There was a major change in the health care system under the presidency of Barack Obama. There was the Affordable Care Act (ACA) or Obamacare. It reduced the uninsured rate to a minimum level. It improved the ability for insurers to choose who they want to cover. There was a transparent online marketplace where people could compare the health plans to make a better decision. President Donald Trump, however, doesn’t approve of Obamacare and want to change the healthcare system in the following ways.
Donald Trump will eliminate the federal aid to expanded Medicaid programs in about 31 states. He will stop the minimum benefit requirements for ACA plans and remove the requirement to buy health insurance by the consumers to avoid penalty during tax time.
Allow purchase of health insurance across state lines
People will be allowed to buy health insurance plans across state lines. This will lower health insurance premium inflation. So, people living in the rural areas can find health insurance anywhere in the country. It will reduce their per-month premium costs.
Emphasis using the Health Savings Accounts
Health Savings Accounts (HAS) are tax –deferred plans that are open to individuals involved in a high-deductible health plan. You can contribute to a HAS as long as your high deductible meets the limits of IRS and that you are enrolled in Medicare. By having HAS, you can withdraw money at any age for the medical expenses on a tax-free basis.
Allow overseas drug providers to enter the market
He will remove the barriers to entry for the overseas drug providers. So, people of America can buy pharmaceuticals products from the overseas markets that will be cheaper than in the US.
People have varying opinions regarding these healthcare plans. Some are optimistic about it, whereas others see it as alarming. We have to see how the healthcare system changes in America under the presidency of Donald Trump.