The Trump Administration has presented a bill to replace Obama’s Affordable Care Act.
Unlike the Affordable Care Act, there will no longer be a penalty for not having health insurance.
“Technically, you will still have that requirement, but, in reality, there will be no financial penalty if you don’t do it,” Debbie Hebb, Vice President of Keller Stonebraker Insurance, said.
The bill also said there will be a 30 percent surcharge on premiums if someone decides to add on insurance after not having it. The bill will also get rid of the levels of benefits.
“That ten percent is spread from one level to the next, and with that comes a 10 percent spread on premium. Employers don’t have quite the same ability to design their plan or have plans available that really meet their needs. By getting rid of that, it’s going to give a lot more options for the employer,” Hebb said.
Insurance companies said the hardest part is trying to figure out what the facts are.
“We do not believe we are going to be affected too much. They’re going to need our opinions now, just as much as they did in the past, even possibly more,” Hebb said.
The bill also proposes that older people pay five times the amount of what younger people pay. But experts said the focus should be on containing the cost of health care.
“We need to reduce the cost of care. All we are doing with insurance is passing the buck to who is going to pay it. We need to contain the cost, or it will become unaffordable for everybody,” Hebb said.
Local insurance companies said they still have many questions about the bill and will have to wait and see the finer details fn the bill.