Senator Rand Paul (R-KY) hasn’t been shy in letting us know he’s been working on a replacement plan for the ill-fated “Affordable Care Act,” and that said plan would soon be revealed to the public. Wednesday, Paul was finally able to reveal the new bill, which implements significant reforms across the board relative to the status quo of Obamacare — a full summary of which can be viewed by clicking here. Below are a few of its key aspects:
- Repeals the individual and employer mandates, community rating restrictions, rate review, essential health benefits requirement, medical loss ratio, and other insurance mandates.
- Restores HIPAA pre-existing conditions protections. Prior to Obamacare, HIPAA guaranteed those within the group market could obtain continuous health coverage regardless of preexisting conditions.
- Provides individuals the option of a tax credit of up to $5,000 per taxpayer for contributions to an HSA. If an individual chooses not to accept the tax credit or contributes in excess of $5,000, those contributions are still tax-preferred.
- Increases access to individual health coverage by allowing insurers licensed to sell policies in one state to offer them to residents of any other state.
Senator Paul is hopeful that the alternative plan will gain swift traction in Congress, commenting that both Speaker Ryan and President Trump have reacted positively to it — going so far as to say that Trump “fully” supports the replacement law.
“There is no excuse for waiting to craft an alternative until after we repeal Obamacare, and the Obamacare Replacement Act charts a new path forward that will insure the most people possible at the lowest price … Getting government out of the American people’s way and putting them back in charge of their own health care decisions will deliver a strong, efficient system that doesn’t force them to empty out their pockets to cover their medical bills,” said Paul.
What do you think? Does Senator Paul’s new plan have the right reforms to help get American healthcare back on more solid footing; lowering prices and increasing quality of care? Or is this a big mistake? Let us know on Facebook or in the comments below.