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The New Health Insurance Proposal and How It Could Effect You?

May 6, 2017

Even though the new bill passed the House with a narrow 217-213 vote doesn't mean it's over yet.

 

First it’s the Senate’s turn, but before they can prepare a bill....a few things must happen.

 

The Senate Budget Committee must first review the House bill and determine which portions of that legislation are in compliance with the rules of reconciliation.

 

Only after the Budget Committee determines which parts of the House bill are in compliance with reconciliation, can the HELP and Finance Committees get to work on their own version of the bill.

 

In order for the Budget Committee to make its determinations, the nonpartisan Congressional Budget Office needs to provide its “score” of the House bill, which estimates the bill’s impact on the federal budget.

 

After the Senate passes its own bill, the two chambers would likely have to reconcile differences in what's known as a conference committee.

 

What Is At Stake and How It Could Effect You?

 

1. Mandating health-insurance coverage

Americans had minimum essential health-insurance coverage, or else they would have to pay a financial penalty.

Trump will allow you not to have coverage but pay a 30% penalty fee if you buy it after a gap of more than 63 days.

 

2. Obamacare Allowed for Premium Subsidies

Obamacare allowed for premium subsidies for individuals and families with low income.

Trump will have all of the subsidies replaced with tax credits based on age.

 

3. Essential Benefits

Americans had a minimum 10 essential benefits, including, mental health/substance abuse, prescription drugs, preventive care, maternity care, emergency services and lab.

Trump will allow the states to choose if they want to change the 10 essential benefits.

 

4. Coverage for those with preexisting conditions

No insurance plan could reject you or charge you more because you had a preexisting condition, and once you were enrolled, your insurer couldn't raise rates solely based on your health.

Trump will provide subsidies for states to allow insurers to charge more for people with pre-existing conditions.  HOWEVER, the higher charge would only apply to individuals with pre-existing conditions who have a gap in coverage. 

 

5. Insurers Limited to charging older adults

Obamacare limited this to three times the rate of young adults. 

Trump will raise the limit from three to five.

 

6. Medicaid

Obamacare provided funds for states to expand.

Trump repealed this and plans to cut Medicaid by $1-trillion over 10 years. 

 

7. Lifetime benefit limits

There were no dollar amount limits on the benefits an insurance plan pays during an insured person's lifetime.

Trump will limit benefits.

 

8. Health Savings Accounts

Currently,  individuals can contribute $3,400 and families $6,750. 

Trump has increased the maximum beginning in 2018.  Individuals can contribute $6,550 and families $13,100.

 

 

 

Did You Really Save Money When Obamacare Was Put in Place?

Based off the chart below, no you didn't. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

https://www.forbes.com/sites/theapothecary/2016/07/28/overwhelming-evidence-that-obamacare-caused-premiums-to-increase-substantially/#af36bc615be7

 

 

 

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