CONTROVERSIAL HEALTH INSURANCE MARKET IN UNITED STATES
Now that Donald Trump has emerged the next president of the United States. One area where his election will have a precarious impact is in the Affordable Care Act, also known as the Obama-care. With a president-elect who has sworn to cancel it, there’s a great chance that the health insurance settings will take a completely different form before the end of Trump’s first term. It is highly doubtful that any form of material changes will transpire for the 2017 coverage year. But we are sure that at some point, maybe after 2017, a cancellation of the ACA could imply that 22 million Americans are set to lose their insurance.
What might disappear?
Obamacare made health insurance compulsory, tried providing financial assistance to low-income Americans who by now are forced to buy it, and included some necessary consumer protections. All the three could be gone in a matter of few years. The compulsory nature of Obamacare was imposed by a tax penalty. The penalty was the higher of $695 or a 2.5 percent of each annual household income.
The main point of the idea was that even if an individual refused to purchase their own coverage, they’d still have to buy into the risk pool that assists fund insurance for those who use it. The mandate has come under fire from all directions – detractors don’t want it at all, while proponents of Obamacare think that if it was even higher it could have helped stem the recent tide of increasing premiums – but notwithstanding, President Trump has said he’s getting rid of it. Obamacare introduced some valuable consumer protections: such as eradicating loopholes in coverage), eliminating gender-based pricing and prohibiting the discrimination of people with pre-existing conditions.
Depending on how preexisting conditions, is defined as that’s around 36 million and 122 million adults who are qualified for coverage they would have been previously denied.
The question now is will Trump’s plan provide these type of protections? It’s difficult to say, and even though he restated his aspiration to protect preexisting conditions, it seems predictable that they’d be removed based on other parts of his proposal. Canceling the individual mandate in the United State means that health insurance isn’t necessary; without a huge number of healthy people paying into that risk pool, either by paying the mandate or purchasing their own insurance, insurability for people with preexisting conditions becomes monetarily impracticable.
Based on Trump’s suggested plan, we’d go back to medically-underwritten discrimination against an individual with preexisting conditions, this means that tens of millions of people will finally end up right where they started from unprotected and uninsured. If we had a more precise polling – we’d have prepared better for the upcoming changes coming to Obamacare.
What we are looking at is a potentially complete destruction rather than a few twists that we are likely to get with the Democratic victory. But that’s no such excuse to remain uninformed about the health insurance. Now that we know what may be coming our way, we have no excuse to be left out in the cold.
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