It’s been all over the news: Obamacare’s successor, dubbed “Trumpcare” by the pundits, is written and ready to go. It’s actually called the American Health Care Act, but like the Affordable Care Act, it’s already losing its own identity to the president’s name.
Trumpcare is shorter than the ACA, which weighed in at around 20,000 pages if you include all the supporting regulations associated with the law. Trumpcare, at least as of right now, is only 123 pages long.
So what’s in Trumpcare, and how will it affect your family?
Let’s start with what’s not in it. What’s not in it is a mandate that requires people to buy insurance to offset the costs of those who need insurance but can’t afford it. Many people—mostly young, healthy people or those who already have employer-sponsored health insurance—are happy that the mandate is gone; after all, they don’t have to buy insurance they don’t need.
There are tax cuts involved in Trumpcare, which is also one of its benefits. The tax cuts are only for individuals making $200,000 or more per year or for couples making $250,000 or more per year, however. Trumpcare also removes the ACA’s 3.8 percent tax on investment earnings. Over 10 years, the plan results in $346 billion in tax cuts—but only for households making more than $200,000 per year.
Critics claim that the bill will increase costs for the average Obamacare enrollee by about $2,409 per year by 2020. The most severe increases, though, are those in the older age groups. People aged 55 to 64 could see a spike in costs by about $6,791 per year by 2020, and those whose income is below 250 percent of the federal poverty line would see an increase of about $4,061 by 2020.
Several major organizations, including AARP, the American Medical Association, the American Nurses Association, and the American Hospital Association have come out against Trumpcare, claiming that it will reduce the number of Americans who can buy affordable coverage or who can maintain coverage under Medicaid. Even many insurance companies aren’t too thrilled about Trumpcare.
What Do You Think?
Are you a fan of Trump’s signature legislation designed to repeal and replace Obamacare, or are you one of the many who consider it a bad move for the nation’s healthcare? I’d love to hear your thoughts, so please, share them on my Facebook page or on Twitter.