The Good, the Bad and the Ugly: Summary of the New Healthcare Bill

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This summary of the bill in bullet points shows that it is not a repeal of Obamacare, but instead tinkers with the definitions.  While it does get rid of the business and individual mandates with no penalty, it adds other bad items such as offering subsidies to illegal aliens if they are working in the US.  Additionally, it will leave 26 million more people uninsured, but will reportedly cut federal deficits by $337 billion from 2017 to 2026.

The Republican party has just released their healthcare bill and really, it isn’t a replacement, more like an alteration of Obamacare. There’s no full repeal, but just tinkering with definitions, you know the usual way DC get’s things done.

So you’re probably wondering what’s in the bill. Justin Bilyj, perused the bill just this morning and here’s a list of 24 items covered in this 142 page healthcare bill.

  • Gives subsidies illegal immigrants if they are working in the United States
  • Subsidies based on 350% Federal Poverty Level, not 400%.
  • Gets rid of business and consumer mandates with no penalty
  • Qualified plans don’t need to provide abortion coverage unless it’s to save the life of the mother
  • Each state gets 15-10 Billion for uninsurables
  • Cadillac tax is gone
  • OTC med tax is gone
  • HSA penalty tax is 10%
  • Prescription tax is gone
  • Medical device tax is gone
  • Business owners can deduct part d expense again
  • Deductible medical expenses are back to 7.5% instead of 10% AGI
  • Tanning tax is gone (ironic)
  • Net investment tax is gone
  • HSA deductibility will be adjusted every year for COLA
  • Both spouses can now make catch-up contributions to a family HSA
  • 60 day limitation to setting up an HSA account when first getting the plan for purposes of a current claim
  • No coverage for abortion clinics
  • Repeal of cost-sharing subsidy
  • MLR set by states
  • Grants for states battling opiod addiction (like mine)
  • CHIP is reauthorized
  • $5,000 app fee to create small business association health pool
  • Psychiatric coverage is limited to institutionalized individuals only, and for stays up to 30 days but not to exceed 90 days

Some additional details:

  • Funds two years of current Obamacare payments to insurers (which President Trump has repeatedly threatened to pull) to stabilize the insurance marketplace.
  • Delays cuts to Medicaid.
  • Eliminates Obamacare’s individual mandate and doesn’t include penalties for a lapse in coverage.
  • Allows children to stay on parents’ plans through the age of 26.
  • Does not include the House bill language to waive essential health benefit coverage, but does give states the ability to opt out of other Obamacare rules.

Recapping the House bill

  • Prevents women from using federal tax credits to buy plans that cover abortion and temporarily blocks Planned Parenthood from receiving federal funds for one year.
  • Lets states impose work requirements for Medicaid.
  • Allows states to seek waivers from covering essential health benefits – including maternity care and emergency room trips.
  • Allows states to waive an Obamacare regulation that prevented insurers from charging sicker consumers more, which would effectively undermine pre-existing conditions protections.
  • Repeals Obamacare’s individual mandate but penalizes people who let their coverage lapse for 63 days.
  • Replaces Obamacare’s income-based tax credits with age-based tax credits that don’t vary with local insurance costs.
  • Adds $8 billion to high-risk pools for Americans with pre-existing conditions.

Read full article here…

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