Well it looks like the GOP Senators’ are pushing a toned down ObamaCare HealthCare bill. In yet another effort to corral the support necessary for passage, Senate Republicans have released their latest version of the American Health Care Act. Some keys components you should be aware of include having insurers be allowed to offer stripped-down, low-cost plans, contrary to the minimum level of benefits under Obamacare. One interesting piece is that two taxes on the wealthy remain: 3.8% on net investment income for individuals earning more than $200K and couples earning more than $250K and a 0.9% surtax for Medicare insurance for people in these income brackets.
Further, the Senate GOP has retained the phaseout of the Obamacare expansion of Medicaid and cuts to federal Medicaid spending starting in 2025, the repeal of certain other taxes, the termination of the penalty to people who do not buy insurance and the use of tax credits (instead of subsidies) to help people afford coverage. In addition, people will also be able to use health savings accounts to help pay insurance premiums while $70B is earmarked to help low-income insurance holders cover out-of-pocket expenses. An additional $45B is earmarked to fight the opioid epidemic.
Hospital and insurance groups have criticized the Senate’s plan saying the cuts to Medicaid will trim revenues.