Trumpcare vs. Obamacare

Trumpcare vs. Obamacare

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Trumpcare Bill – Trumpcare Explained

Category: Individual Mandate

Trumpcare: Under Trumpcare the individual mandate would be abolished which will remove one incentive people would normally have for signing up.

Obamacare: All eligible citizens are required to have health insurance under the individual mandate which in return makes health coverage affordable across the nation.

Category: Price Transparency

Trumpcare: Under Trump’s plan, he is calling for “price transparency” but the details have not yet been released.

Obamacare: Available to all consumers are pricing and health coverage information in detail on the marketplaces. Great strides have been made by the ACA with regards to price transparency.

Category: Pre-Existing Conditions

Trumpcare: While Trump is in favor of the pre-existing condition requirements under the ACA, under his plan coverage for pre-existing conditions may become more expensive.

Obamacare: Under the ACA; people cannot be denied coverage for “pre-existing conditions” or be charged higher health insurance rates.

Category: Cost Assistance

Trumpcare: To help people buy insurance, plans could include federal subsidies, however, the subsidies would be based on peoples age as opposed to their income.

Obamacare: People earning up to 4 times that of the federal poverty line can acquire cost assistance for buying insurance on the marketplace. Of all the people who sign up; 85% qualify.

Category: Medicaid funding

Trumpcare: Block granting funding has been proposed for Medicaid, this would mean that states would receive a lump sum of their federal money to use for funding programs as they see fit.

Obamacare: Medicaid funding is currently an open-ended matching system that the federal government will guarantee at least $1.00 for each $1.00 spent by that state.

Category: Tax Deductions

Trumpcare: People might be eligible to deduct their full cost of health insurance premiums each year from there federal tax returns un Trumpcare.

Obamacare: Currently medical expense deductions allowed are only those costs that are in excess of 10% of a household adjusted gross income.

Category: Prescription Drugs

Trumpcare: The idea of prescription drugs being purchase from foreign countries has been discussed in the belief it will lower drug costs.

Obamacare: Currently no provisions have been made in the ACA for using overseas drug importation although there has been bipartisan support for this in the past.

Category: Health Savings Accounts

Trumpcare: Under Trumpcare Health Savings Accounts would be boosted. These are tax-advantaged medical savings accounts.

Obamacare: There are options for individuals under Obamacare to use HAS’s though most people don’t because a high deductible health plan is required as well as significant funding.

Category: Interstate Insurance Sales

Trumpcare: To spur competition in the hopes of driving costs down, Trump would like to remove the barriers allowing insurance companies to sell across state lines.

Obamacare: There are different needs for states insureds and the current lows included complex regulatory and licensing issues which keep insurers state bound.