The following are a few of the changes that would result if the bill passes in the Senate:
- Ends the tax penalty against people without coverage.
- Ends the Medicaid expansion funding.
- Changes Medicaid from an open-ended program to one that gives states fixed amounts of money per person.
- Replaces the ACA’s cost sharing subsidies based mostly on consumers’ incomes and premium costs with tax credits that grow with age.
- Repeals taxes on the wealthy, insurers, drug and medical device makers.
- Consumers who let their coverage lapse for more than 63 days in a year would be charged 30% surcharges to regain insurance. This would include people with pre-existing medical conditions.
- State waivers would allow insurers to charge older customers higher premiums by as much as they’d like.
- States get $8 billion over five years to finance high-risk pools that cover those with pre-existing conditions.
- States get $130 billion over a decade to help people afford coverage.
- Keeps ACA provision that children can remain on their parents’ insurance plans until age 26.
At this time, it is uncertain whether the Senate will pass the bill. However, the bill cannot be filibustered by the Senate and only needs a simple majority to pass. As it moves through this step in the process, it is absolutely vital to stay informed and educated on what this bill could mean for you and your clients.
We’re closely monitoring this legislation and will update you as developments occur.