Social Issues

Trumpcare plan will take years to lower healthcare costs

President Trump said it could take several years for health insurance prices to drop under the American healthcare act- creating uncertainty among those who rely on ACA care- and creating risk for members of Congress up for re-election next year and Trump’s own bid for a second term in 2020.
In a meeting at the Monday with a group of small business owners, doctors and individuals who said their plans were canceled since Obamacare was enacted, Trump offered reassurances but warned that any relief won’t be immediate.
“More competition, less regulation will finally bring down the cost of care,” Trump told the group. “Unfortunately, it takes a while to get there because you have to let that marketplace kick in and it is going to take a little while to get there. Once it does, it is going to be a thing of beauty. I wish it didn’t take a year or two years. But that is what is going to happen.”
Under the House bill to repeal and replace Obamacare, the tax penalty for people who don’t buy insurance would go away immediately. That likely would prompt more healthy people to pull out of the insurance marketplace, causing a spike in premiums, particularly for those who don’t get government subsidies.
Health insurers are currently in the process of setting rates for next year and are more likely to err on the side of overpricing plans given the uncertainty. Other changes the president has talked about that could drive down costs, like allowing insurance to be bought across state lines or some form of drug-price negotiations, won’t have had time to go into effect and are expected to be included in a separate piece of legislation

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