- Modify laws that inhibit the sale of health insurance across state lines. This policy will allow vendors to offer health insurance in any state so long as the plan purchased complies with state requirements. This is expected to increase competition and lower insurance costs.
- Allow individuals to fully deduct health insurance premium payments from their tax returns. The thinking behind this policy goal is that since businesses are allowed to take these deductions, why wouldn’t Congress allow individuals the same exemptions? As part of this proposal, the Trump administration plans on reviewing basic options for Medicaid and working with states to ensure that those who want healthcare coverage can have it.
- Increase access to health savings accounts. Trump wants contributions into HSAs to be tax-free and to be allowed to become part of the estate of the individual HSA account holder. Accordingly, HSA account holders would be allowed to pass on accumulated HSA funds to their heirs without fear of any “death penalty.” Trump also wants it to be easier for any member of a family to transfer HSA funds without penalty. While HSAs have become even more popular with employers in recent years, these new rules are likely to significantly increase their popularity by both employers and individuals alike.
- Require price transparency from all healthcare providers, especially doctors and healthcare organizations like clinics and hospitals. The goal of this policy is to make it easier for individuals to shop around to find the best prices for procedures, exams or any other medical services.
- Block-grant Medicaid to the states. Increase the authority of state governments over Medicaid funds and reduce “federal overhead.” The goal here is to create incentives for states to seek out and eliminate fraud, waste and abuse in order to better preserve Medicaid funds.
- Remove barriers to entry into free markets for drug providers that offer safe, reliable and cheaper products. Trump plans on opening the drug market to more foreign competition in order to lower costs and increase options for consumers.
- Other reforms that might lower costs and increase financial security will be considered by the Trump administration.
Benefits Think Why ACA repeal isn’t as easy as it seems
Published
6 Min Read
Daniel N. Kuperstein
Senior vice president, compliance
Dan Kuperstein is senior vice president of compliance for Corporate Synergies. He is an attorney with experience in a broad array of sophisticated employee benefits and labor and employment matters, … Read full bio
