Repeal and Replace Update
A new Bill was introduced yesterday by the Senate. The new Bill is referred to as the Better Care Reconciliation Act.
Proposed Healthcare Bill Highlights:
- No Individual mandates
- No Employer mandates
- Improve the affordability of health insurance
- Eliminates Obamacare taxes
- Expand Tax-free HSA limits
- Stabilize insurance markets (promotes more competition)
- A timeline to transition away from Obamacare
- Spending cuts on Medicaid
- Tax credits for buying insurance
- Subsidies based on income
- Allows coverage for people with pre-existing conditions
- Allows coverage for children through age 26
- Eliminate funding for Planned Parenthood
Over the coming weeks you are going to hear from Democrats about how this Bill will reduce coverage verses Obamacare plans. This is actually true, because small businesses and individuals will once again be able to choose whether or not they want to cover maternity. If you are a business owner with 4 employees, all male over the age of 40, you don’t want to pay extra money for maternity coverage which isn’t needed. So are we losing coverage, No! We are gaining choice again. Allowing these coverage options will allow costs to be reduced. The Obamacare plan is failing state by state. Even insurance giant Anthem has recently announced they will be pulling out of certain state exchanges. When you hear Democrats tell us that more Americans are going to lose coverage with this Bill, remember even more would lose coverage when Obamacare completely fails. Throwing more money at Obamacare is not the answer. The answer is choice and with choice allows for competition again. This Bill let’s Individual States have more control again to oversee insurance regulation.
Right now, four Republican Senators are saying no to the bill in its current format which is two votes shy of passing the bill assuming all Democrats vote no. This is certainly not a perfect Bill, but this is a great start to driving down Healthcare costs.
Written by: James Day
Vice President of Americanized Benefit Consultants