The presidential election victory of Donald Trump will likely lead to a lot of changes in the country, the biggest of which could be the repeal of the Affordable Healthcare Act, or Obamacare. Republicans have pledged to eliminate this bill, and as they control much of the government, it could happen. What would this mean for the average American, and would health insurance still be affordable?
A Total Repeal Is Still Unlikely
While president-elect Donald Trump has said he will repeal Obamacare, and the Republican-held congress is looking to do just that, a total repeal is actually unlikely. It would require at least 60 people in the Senate voting for the repeal, and as Republicans do not hold these 60 seats, it is unlikely that enough Democrats would vote for it to uphold a total repeal.
Instead, they're more likely to try to eliminate subsidies that help those with Obamacare afford health coverage and eliminate employee mandates and individual mandates that created tax penalties. So for those who don't have health insurance, that could be a positive tax bonus. However, losing tax subsidies or even coverage could be a financial burden for many.
Low-Cost Health Insurance Will Still Be Available
While health insurance premium prices are likely to go up if Obamacare is repealed or if the subsidies are eliminated, that won't completely eliminate affordable healthcare. These subsidies are designed to help make up the difference in healthcare costs, but the confusion surrounding them has somewhat masked the fact that it is possible to find inexpensive health insurance.
The actual insurance policies offered will differ on a state-by-state basis. For example, some companies only operate in a select number of states and offer discounted policies to those who live in these states. Finding these policies now is important because major changes to the Affordable Healthcare Act could affect price in a number of ways.
Factors That Could Influence Insurance Cost
There are a variety of factors which affect health insurance costs under Obamacare, including age, the use of tobacco, the category of the insurance plan used, as well as the state in which the policy was purchased. In the past, pre-existing conditions seriously affected insurance rates.
However, Obamacare worked to help make it easier for people with pre-existing conditions (like diabetes or autism) to get health insurance. This made it less expensive for them to cover their conditions. Without Obamacare, millions may struggle to get health insurance again.
These changes have yet to go into effect, and it is hard to say if Obamacare will really be repealed or changed in a significant way. Republicans have tried for six years or more to get it repealed without success. However, the chances are higher than they have been in the past, so those who are concerned should contact a health insurance agency like Quesenberry Agency For Blue Cross-Blue Shield to learn more about the plans that are available to them now.Share