According to president-elect Donald Trump, Americans have suffered under the weight of a massive economic burden brought about by the Affordable Care Act (ACA).
Apparently the Affordable Care Act was passed into law without much foresight, resulting in out-of-control costs, non-functional websites, higher premiums, less competition in the insurance industry and a greater rationing of care. As a result of the legislation, every American was allegedly faced with uncertainty of the ACA collapsing, causing even greater economic concern and hardship when it came to health care.
President Donald Trump’s administration suggests that on day one of a new administration free market reforms would be introduced into the health care industry by completely repealing the ACA. Replacing the repealed legislation would be the next task and the administration indicates it would have such reforms ready that closely follow free market principles geared to restore certainty and economic freedom to all Americans. Free market principles combined with sound public policy are intended to broaden health care access, improve the quality of care and make it more affordable.
The proposed seven-point plan touted by president-elect Donald Trump to make health care more affordable for all Americans will allegedly:
- Lower health care costs for every American
- Remove uncertainty about health care
- Offer financial security for Americans
- Tackle other policy revisions to lower the cost of health care
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Enforce immigration laws to relieve economic pressures on Americans in health care
- Stop fraud and waste and energize the American economy
- Reduce the number of people accessing programs such as Children’s Health Insurance, Medicaid
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Work on growing the economy by bringing jobs and capital back to the United States
- Reform mental health services
It appears that the plan to reform health care in the United States is ambitious and may result in some significant changes for Americans. While it is not precisely clear how many of the proposed reforms are to be implemented and what may be designed to replace existing health care legislation, there are many industry pundits who feel that change may be a good thing to stimulate the economy.
The country is on the brink of a new era and it appears that approaching health care with a different point-of-view may produce some interesting results, not only for the people, but also for the insurance industry as a whole.
The insurance industry is complex and adjusting how its products are marketed may have a negative impact on consumers. Economists swear by a free market environment as being beneficial to all who participate in it.
But would a free market environment work for the insurance industry? To answer that question, a group of economists studied Medicare Advantage, where beneficiaries chose from alternative cost-sharing arrangements and restricted provider networks. A healthy 32 percent of seniors have opted for Medicare Advantage where the government pays insurers a fixed fee to cover patients, not a separate service fee as in traditional Medicare.
Based on the growing numbers of seniors opting for Medicare Advantage, it appears they find the competition for their business and the choices they are offered to be very appealing and beneficial. According to House Speaker Paul Ryan, choice and competition are better options when it comes to selecting health insurance. It appears research supports his contention.
What does the future hold? It may be interesting to see what happens when the transition from one administration to another completes.
There are two points that say privatization of public insurance is good in that it offers consumers more options and increases competition in the insurance industry. Proponents for privatization say both those changes would be financially beneficial for consumers in the long run.
House Speaker Paul Ryan whose alternative proposal, A Better Way, is being touted as a possible solution to revamping the health care system, says “The Medicare premium support payment would be adjusted so that the sick would receive higher payments if their conditions worsened; lower-income seniors would receive additional assistance to help cover out-of-pocket costs; and wealthier seniors would assume responsibility for a greater share of their premiums.”
One of the main reasons for the drive to make changes to Medicare is the continued aging of the population and the ratio of those employed to those retired declines. Disparities such as this contribute to an economic conundrum that the new administration hopes to bring under control.
While the way may not yet be clear, Paul Ryan’s “A Better Way” may offer some viable solutions.
There is a good possibility that the new form of health care for the nation may provide health support based on age. As explained by House Speaker Paul Ryan, the idea would be that older Americans who are very ill would get more support, as would lower income individuals. Those with higher incomes would thus not receive the same kind of support since they could afford to pay for it.
The new administration has plans to make significant changes to Medicare. Many incoming politicians feel Medicare is responsible for a huge hole in the budget due to the misuse and abuse of the program. Having said that, Speaker Ryan also pointed out that the longer Medicare runs without any changes or pending changes in place, the delay just makes things worse.
Americans who use Medicare are advised to be aware of any potential changes that may affect them. It is hard to predict what changes may be proposed and how they would benefit Medicare recipients, and whether or not those suggested revisions may come to pass.
With a new administration promising to repeal the Affordable Care Act (ACA), 2017 may be a different year. However, with all large changes that may be coming, it is virtually guaranteed that repealing the ACA and replacing it with something else requires, in the words of House Speaker Paul Ryan, “a good transition period.” No matter how much Americans want change that change will need to accommodate the over 20 million people who did buy health insurance under the ACA.
A replacement plan has to be put into place before the ACA could be repealed. While there is a replacement plan on the table, it is not clear if that plan will be sufficient for American families and seniors to keep affordable health insurance that suits their needs. In the meantime, things remain unaffected, pending changes.
One portion of the ACA, referring to coverage for individuals with pre-existing conditions and young adults staying on their parents insurance until they turn 26 may be kept and/or tweaked as new plans are formulated.
Speaker Ryan was not clear on how long a transition period would last, but some reports indicate that it might take up to three years to accomplish the kind of massive shift in health care.
Prescription assistance programs are another option if you have missed Part D enrollment. It is important to note that these types of programs are not “insurance,” however they can help you with the cost of prescription drugs.
When you apply for an assistance program, you have to be deemed eligible. Once that has been cleared, you usually get a membership discount card that may be used at drug stores. Be aware that you might not qualify for Part D after you enroll in an assistance program.
Always make sure you understand the parameters of the program you are applying for. By applying and being accepted, there is a chance you may not be able to enroll in Part D. There are numerous programs designed specifically for seniors and those under 65, so it is important to do your homework on what option(s) would best suit you.
One of the easiest options available to those who missed out on Part D enrollment is to search online for “prescription coupons.” You may be surprised to learn that there are hundreds of pages offering coupons on just about any drug that is available on the market today. If you do not have the time to scroll through all the content, simply do a search for the name of the drug and add the word “coupons” after it.
It might seem like a no-brainer to search for drug coupons, but it beats paying full price or going without because you missed enrolling in Part D. It happens more often than you might think. If you are proactive, you will find some creative solutions to keep your drug costs down until you can enroll in Part D.
According to president-elect Donald Trump, there is a pressing need for free market reforms in the health care industry. It appears from campaign speeches and recent media interviews that in order to create a free market for health care Obamacare may be repealed.
Mr. Trump has suggested this will happen on day one of his administration taking office. Although he has stated he would seek a total repeal of all aspects of Obamacare, recent media coverage suggests he has taken a slightly different stance on the matter and may agree to retain some aspects of it, such as extending health care coverage to students.
Mr. Trump has stated that by adhering to free market principles his government intends to restore economic freedom and certainty to Americans. He plans to make health care affordable, improve the quality of care available and broaden access to health care.
Health care under a Trump administration may allegedly be accomplished by:
• Congress repealing all or parts of Obamacare. No one should be forced to buy insurance.
• Modifying existing laws inhibiting the sale of health insurance across state lines. Full competition in the industry drives prices down.
• Permit Americans to deduct health insurance premium from tax returns.
• Review Medicaid basic options to allow those who want health insurance to access it.
• Permit Americans to use Health Savings Accounts (HSAs), ensuring they are tax-free and allowed to accumulate.
• Mandate price transparency for all medical professionals, particularly physicians, clinics and hospitals. Americans should be allowed to shop for the best price for procedures, exams or any medical procedure.
• Stop-grant Medicaid to states. State governments can manage Medicaid administration without federal interference. States will be offered incentives to reduce waste and eliminate fraud.
• Remove free market barriers for drug makers that offer reliable, less expensive and safe products. Americans should have more options open to them and be allowed access to less expensive, imported, dependable and safe drugs.
In 2014, everyone who has not previously held health insurance is required by law to obtain it through a health care exchange. Unfortunately, the process is seemingly fraught with a number of serious glitches and security issues. What’s an average American to do when he or she wants to sign up for health insurance? With the frustrating setbacks, people are struggling to “convince” the system to let them complete their forms or proceed through a frozen site.
Fortunately, there are other options for those trying to use a health insurance exchange. Private health insurance may seem too expensive at first glance, but the marketplace is very competitive right now. As such, now is the best time to take advantage of price fluctuations. If you want to gain control over the health insurance plan and budget you choose, you may prefer to deal with private insurance companies. Not all government-run agencies are effective, efficient or simple. If you want to ensure that you meet requirements without undue hassle, private insurance likely offers your best alternative.
You may find that your employer offers you vision coverage. If not, you can opt to carry your own plan (which is possible and extremely affordable). When you select the insurance coverage you want, you may face various choices (including the decision to enroll in a plan at all).
Typically, carriers offer two types of vision plans — advanced, for the “tougher stuff” including detached retinas, glaucoma treatments or laser therapy, and basic, for the regular checkups and glasses you have or may need in the future.
Do you need a vision plan? A vision plan offers proactive health care options, no matter what your current needs are. Regular checkups allow you to stay on top of any changes in your vision. Those visits will ultimately cost you less than a major, neglected discovery would.
