Trump Unveils Healthcare Plan with Unclear Funding and Execution Timeline

US President Donald Trump Unveils Healthcare Plan with Lower Costs but Lacking Details

President Trump has announced a healthcare plan aimed at reducing costs for consumers, which would replace government subsidies with direct payments into health savings accounts. The White House released a fact sheet outlining the framework, dubbed “The Great Healthcare Plan,” which includes an insurance cost-sharing reduction program that could lower Obamacare premiums by over 10 percent.

Under the plan, the Trump administration calls on Congress to pass legislation codifying most-favoured-nation drug price deals and making more medicines available for over-the-counter purchase. The White House claims this will increase consumer choice, reduce healthcare costs, and strengthen price transparency.

The plan’s specifics are limited, with no clear explanation of how much money would be sent to consumers to buy insurance or whether the funds would be available to all Obamacare enrollees. Democrats have previously rejected similar ideas, citing concerns that health savings accounts would not cover costs for most consumers.

The White House press secretary stated that every American who has healthcare in the United States will see lower costs as a result of the plan. The administration also assures that the plan will not affect people with pre-existing conditions.

The plan targets pharmacy benefit managers and requires insurance companies to disclose their profits, denials, and rate comparisons on their websites. Companies would be required to publish their rate and coverage comparisons in plain English, as well as the percentage of revenues paid out to claims compared with overhead costs and profits.

A divided Congress is unlikely to pass major healthcare legislation quickly, and providers and insurers who accept Medicare or Medicaid money would also have to post their pricing and fees. The announcement comes as millions of Americans face higher healthcare costs this year, with open enrolment for most federally subsidised Obamacare plans closing on Thursday.

Source: Al Jazeera